Lead Plaintiff Deadline: July 06, 2020
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(1) the Company lacked effective internal controls over accounting and financial reporting related to reserves for unpaid losses; (2) the Company improperly accounted for reserve for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business; (3) as a result, Hallmark Financial would be forced to report a $63.8 million loss development for prior underwriting years; (4) as a result, Hallmark Financial would exit from its Binding Primary Commercial Auto business; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
In order to be included in the lawsuit, you must have incurred a loss on shares of Hallmark Financial, either: A) purchased or acquired during the class period listed above, if applicable; or B) pursuant to the Initial Public Offering (IPO) of Hallmark Financial, if applicable.
If you suffered a loss in Hallmark Financial during the relevant time frame, or pursuant to Hallmark Financial’s IPO if listed above, you have until July 06, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.