GAINSCO INC. said that securities litigation has been filed in United States District Court, Southern District of Florida against the company and two of its officers (one of whom is also a director). The plaintiffs seek class certification for the litigation and principally allege violations of securities laws in respect of GAINSCO’s previously acquired and disposed of Tri-State, Ltd. subsidiary.
“Although we have not been formally served with the litigation as of this release, we have recently become aware of the litigation filed and are considering the allegations. From our initial reading of the pleadings and our knowledge of the factual history, we believe the allegations are without merit and we intend to vigorously defend the proceedings,” Glenn Anderson, president and CEO, commented.
GAINSCO INC., a Texas-based holding company’s nonstandard personal automobile insurance products, are distributed through retail agents in Florida. Its primary insurance subsidiaries are General Agents Insurance Company of America, Inc. and MGA Insurance Company, Inc.
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