The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Nothern District of Texas on behalf of investors who purchased Hallmark Financial Services, Inc. (NASDAQ: HALL) securities between March 5, 2019 and March 17, 2020.
According to the Hallmark Financial lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (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.
If you suffered a loss in Hallmark Financial you have until July 6, 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.
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