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Bernstein Liebhard LLP Investigating Gerova Financial Corporation

^{Published on 2011-03-01 17:40:24 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Bernstein Liebhard LLP is investigating possible wrongdoing at Gerova Financial Corporation (aGerovaa or the aCompanya) (NYSE: GFC) between January 11, 2010 and February 23, 2011.

"pending the Company's disclosure of additional information relative to its operations, management restructuring andbusiness plans."

Gerova is a Bermuda-based reinsurance and financial services group. Bernstein Liebharda™s investigation concerns whether the Company's financials contain overvalued, illiquid and severely impaired assets to create an illusion of a large capital base to investors.

In a January 18, 2011 press release, Gerova announced that it had hired Kroll to investigate the authors of a recent critical report issued by Dalrymple Financial LLC, who characterized Gerova asa ashell gamea and who charged that the Company ahas many hallmarks of a classic fraud.a On this news, Gerova stock fell $2.98 or 11%, to close at $24.32.

In a February 10, 2011 press release, Gerovaannounced thatfour board members and its President had resigned and that Dennis Pelino would be appointed president and CEO. However, onFebruary 15, 2011,Mr. Pelino withdrew his name from consideration.On these revelations, Gerova shares fell $9.31 or 60% for four straighttrading sessions, to close at $6.39 on February 16, 2011.

On February 23, 2011, the NYSE halted Gerova stock at $5.28 apending the Company's disclosure of additional information relative to its operations, management restructuring andbusiness plans.a

If you are interested in discussing your rights as a Gerova shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [ seidman@bernlieb.com ].

Bernstein Liebhard has pursued hundreds of securities, [ consumer ] cases and recovered almost $3 billion for its clients. It has been named to The National Law Journala™s aPlaintiffsa™ Hot Lista in each of the last eight years.

ATTORNEY ADVERTISING. © 2011 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.