Late last fall we reported some troubling facts regarding HCC Insurance Holdings, Inc. (NYSE: HCC) Specifically, on November 16, 2006, after the market closed, HCC announced that it had backdated option grant dates from 1997 through 2006 and that it would restate financial reports previously filed with the SEC and disseminated to investors in press releases. In response to this announcement, the price of HCC stock dropped materially falling from a close of $31.64 on November 17, 2006, to a low of $28.81 on November 20, 2006 (the next trading day), representing a one-day share price decline of 9% on volume of 6.6 million shares.
In view of the above-mentioned facts it isn’t surprising that investors are taking action against the Company. Investors who purchased between May 3, 2005 and November 17, 2006, are affected.
We are investigating this matter and affected shareholders may wish to contact us to discuss their options.
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