Investors in a trust of Ambac Financial Group Inc. debt securities have filed a class-action lawsuit against the company, alleging it published false or misleading statements about its financial and operating conditions with either intentional or reckless disregard for the company's true condition.

The plaintiffs say that Ambac lowered its own underwriting standards in order to spur profits and later failed to properly disclose losses the company incurred on housing-related securities it guaranteed, according to the lawsuit filed last month in the U.S. District Court for the Southern District of New York.

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