Hallmark Financial Services, Inc.
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Zhang Investor Law announces a class action lawsuit on behalf of shareholders who bought shares of Hallmark Financial Services, Inc. (NASDAQ: HALL) from March 5, 2019 through March 17, 2020 (the “Class Period”). The lawsuit seeks to recover damages for Hallmark Financial Services, Inc. investors under the federal securities laws.
If you bought Hallmark Financial Services, Inc. securities between March 5, 2019 through March 17, 2020, and would like to join the action, please click “Join This Class Action,” above.
SHAREHOLDER ALERT: Zhang Investor Law Announces a Securities Class Action Lawsuit Against Hallmark Financial Services, Inc. – HALL
New York, N.Y., May 6, 2020. Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Hallmark Financial Services, Inc. (NASDAQL HALL) between March 5, 2019 and March 17, 2020, inclusive (the “Class Period”).
To join the HALL class action, go to http://zhanginvestorlaw.com/cases/hallmark-financial-services-inc/ call Sophie Zhang, Esq. toll-free at 800-991-3756 or email email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU DO NOT HAVE TO BE LEAD PLAINTIFF TO OBTAIN COMPENSATION.
According to the lawsuit, throughout the Class Period (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, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. According to the suit, these true details were disclosed by a market research firm.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 6, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://zhanginvestorlaw.com/cases/hallmark-financial-services-inc/ or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. of Zhang Investor Law toll free at 800-991-3756 or via e-mail at firstname.lastname@example.org.
Zhang Investor Law represents investors worldwide.