Ambassadors Group Inc EPAX Securities Stock Fraud

Company: Ambassadors Group Inc
Ticker Symbol: EPAX
Class Period: Feb-8-07 to Oct-23-07
Date Filed: Jul-15-09
Lead Plaintiff Deadline: Sep-13-09

Court: Eastern District of Washington
Allegations:
An investor of Ambassadors Group, Inc., has filed a proposed securities class action lawsuit in the United States District Court for the Eastern District of Washington on behalf of purchasers of Ambassadors Group Inc., common stock during the period between February 8, 2007 and October 23, 2007 against Ambassadors Group over alleged securities laws violations.

According to the complaint, Ambassadors Group and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 8, 2007 and October 23, 2007 materially false and misleading statements regarding its business prospects. Then, on October 22, 2007, Ambassadors Group announced its financial results for the third quarter of 2007, the period ending September 30, 2007.

For the quarter, Ambassadors Group reported net income of $22.5 million and $1.12 fully diluted earnings per share. Ambassadors Group also announced that “as of October 16, 2007, its net enrolled participants for 2008 travel programs were 26,200 compared to 37,300 participants as of the same date last year for its 2007 programs” and that the “decrease in net enrollments for its 2008 programs will negatively impact its 2008 earnings.” In response to this announcement, the price of Ambassadors Group common stock fell $17.73 per share, or approximately 44%, to close at $21.04 per share, so the lawsuit.

Ambassadors Group, located in Spokane, WA, is an educational company that organizes and promotes international and domestic travel programs for students, athletes and professionals. Ambassadors Group, Inc. reported in 2007 Total Revenue of $114.53million with a net income of $26.69million and in 2008 Total Revenue of $97.93million with a net income of $18.55million. Shares of Ambassadors Group, closed on Tuesday, July 14, 2009, at $12.19 per share, down from a 52weekHigh of $19.99 per share and $40.55 per share in 2007.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.


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