Activist investor Carl Icahn on Monday sued AmTrust Financial Services Inc. in the Delaware Court of Chancery, accusing the New York-based workers’ compensation insurer of undervaluing the company in a $2.7 billion go-private bid in order to benefit its controlling family.

Icahn, who owns a 9.4 percent stake in AmTrust, said in the lawsuit that the move comes at the “wrong time, through the wrong procedures and at a very wrong price,” as he seeks to unwind the planned deal, which he said was riddled with conflicts of interest.