SAN FRANCISCO, July 5, 2020 (GLOBE NEWSWIRE) – Hagens Berman is asking Hallmark Financial Services, Inc. (NASDAQ: HALL) investors to experience significant losses submit their losses now. Tomorrow is the time limit for the main plaintiff in a class action lawsuit against Hallmark.
Class time: March 5, 2019 – March 17, 2020
Major Claimant Deadline: July 6, 2020
Contact a lawyer now: [email protected]
Class action against Hallmark Financial Services (HALL) securities:
The complaint alleges that defendants have misrepresented and concealed the following throughout the class period: (1) the Company lacked effective internal controls over accounting and financial reporting related to unpaid loss provisions; and (2) that the Company has not properly accounted for unpaid losses and loss adjustment costs related to its mandatory primary commercial auto business.
According to the complaint, investors learned the truth from a series of disclosures that began on March 2, 2020, when Hallmark announced the company was retiring from the Binding Primary Commercial Auto business, and a loss development of $ 63.8 million reported for previous underwriting years.
Then, on March 11, 2020, Hallmark announced that it was hiring its independent auditor BDO for a "Disagreement & CloseCurlyDoubleQuote; for the company's estimated provisions & CloseCurlyQuote for unpaid losses and loss adjustment expenses throughout 2019.
Finally, Hallmark posted a letter from BDO to the SEC on March 17, 2020, stating that BDO had significantly expanded the scope of its January 31, 2020, dispute review and that "a significant portion of the requests were received before ours Cancellation not received and / or tested. & CloseCurlyDoubleQuote;
This resulted in Hallmark shares falling more than 75% between March 2 and March 18, 2020.
“We & CloseCurlyQuote focus on proving that the defendants deliberately misled investors about the internal controls of the company & CloseCurlyQuote and the sufficient loss reserve. & CloseCurlyDoubleQuote; said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you bought Hallmark stock and suffered significant losses, Click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public Hallmark information should review their options to help with the investigation or to use the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for every successful recovery from the SEC. For more information, contact Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty lawyers. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. You can find more about the company and its successes at hbsslaw.com. You can find the latest news on our Newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895