We are investigating MBIA Inc. (MBI) (“MBIA” or the “Company”) for potential violations of the federal securities laws.
On August 6, 2019, post-market, MBIA issued a press release announcing its financial results for the second quarter of 2019. The Company reported a consolidated GAAP net loss of $170 million, or $2.02 per share, compared to a consolidated GAAP net loss of $146 million, or $1.64 per share, for the second quarter of 2018. MBIA advised investors that the loss “was mainly driven by loss and loss adjustment expense primarily related to our insurance on Puerto Rico bonds” and that “[f]air value losses on interest rate swaps resulting from lower interest rates also contributed”. On this news, MBIA’s stock price fell sharply during intraday trading on August 7, 2019.