Second law firm files class-action suit against MGIC

New York-based Brualdi Law Firm P.C., filed a class action lawsuit against Milwaukee-based MGIC Investment Corp. late last week, the second such suit in recent weeks.

The Brualdi lawsuit intends to represent investors who purchased shares of MGIC between Oct. 12, 2006 and Feb. 12, 2008.

The firm alleges that MGIC and its officers and directors violated federal securities laws by withholding information from investors. It also states that MGIC did not inform investors that one of its investments was rapidly declining in value and that its losses are greater than previously reported.

The Brualdi suit is the second class-action suit filed recently. Ademi & O’Reilly LLP, based in Cudahy, filed a class action suit against the company in May. That suit represents investors who bought shares of MGIC between Feb. 6, 2007 and Feb. 12, 2008.

An MGIC spokesperson would not comment on either case on Monday, saying the company does not comment on pending litigation.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display