ROSEN, A TOP RANKED LAW FIRM, Announces Investigation of Securities Claims Against Hallmark Financial Services, Inc. – HALL
NEW YORK, May 05, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Hallmark Financial Services, Inc. (NASDAQ: HALL) resulting from allegations that Hallmark Financial may have issued materially misleading business information to the investing public.
On March 2, 2020, Hallmark Financial announced it was exiting the Binding Primary Commercial Auto business and taking a $56.1 million reserve charge in 4Q19. On this news, Hallmark Financial’s share price fell $2.10, or 14%, to close at $12.23 per share on March 3, 2020.
Then, on March 11, 2020, Hallmark Financial announced it dismissed its independent auditor, BDO, over a “disagreement” concerning the Company's estimated reserves for unpaid losses and loss adjustment expenses throughout 2019. On this news, Hallmark Financial’s share price fell $2.39, or 29%, to close at $5.71 per share on March 12, 2020.
Finally, on March 17, 2020, Hallmark Financial disclosed a letter from BDO to the Securities and Exchange Commission revealing that BDO had significantly expanded the scope of its audit on January 31, 2020, with respect to the matters of disagreement, and that “a substantial portion of the requests had not been received and/or tested prior to our termination.” On this news, Hallmark Financial’s share price fell almost 3%, to close at $3.12 per share on March 18, 2020.
Rosen Law Firm is preparing a securities lawsuit on behalf of Hallmark Financial shareholders. If you purchased securities of Hallmark Financial please visit the firm’s website at http://www.rosenlegal.com/cases-register-1853.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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