New York, New York--(Newsfile Corp. - July 2, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Hallmark Financial Services, Inc. (NASDAQ: HALL) alleging that the Company violated federal securities laws.
Class Period: March 5, 2019 and March 17, 2020
Lead Plaintiff Deadline: July 6, 2020
Learn more about your recoverable losses in DNK:
The filed complaint alleges that Hallmark Financial Services, Inc. made materially 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.
Shareholders have until July 6, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
For additional information about the HALL lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
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