HENDERSONVILLE, TN / ACCESSWIRE / August 1, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of National General Holdings Corp. (NASDAQ: NGHC) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between August 6, 2015 and August 9, 2017. National General is a specialty personal lines insurance company that provides a variety of insurance products and services.
National General Accused of Participating in Fraudulent Insurance Scheme
According to the complaint, during the relevant period, National General, in coordination with Wells Fargo, forced thousands of Wells Fargo customers to pay for auto insurance known as Collateral Protection Insurance ("CPI") that they did not need or want, defrauding the customers out of millions of dollars. National General concealed its participation in the fraudulent scheme and provided investors with misleading revenues and earnings results that had been artificially inflated due to proceeds from the scheme. Although National General and Wells Fargo knew the CPI scheme harmed its customers, it did not end until September 2016, when Wells Fargo internally recognized that the scheme "could lead to reputational risk and potential legal exposure." However, Wells Fargo still continued to pay tracking fees to National General for the CPI policies that National General had underwritten. Then, on July 27, 2017, The New York Times published an article that revealed the CPI scheme and National General's role in the scheme, leading to regulatory investigations, congressional scrutiny, and civil lawsuits. On this news, National General's stock fell 15% to close at $18.00.
The Law Offices of Timothy L. Miles Encourages National General Shareholders to Contact the Firm
If you purchased National General securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney born and raised in Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, is also a supurb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highes rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
SOURCE: The Law Offices of Timothy L. Miles
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