ProAssurance Corporation Investors: Company Investigated by the Portnoy Law Firm
Investors with losses are encouraged to contact the firm to discuss their legal claims
LOS ANGELES, May 18, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises ProAssurance Corporation ("ProAssurance") (NYSE: PRA) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com.
The investigation focuses on whether ProAssurance misled investors regarding its deteriorating loss reserves. The Company disclosed on January 22, 2020, a $37 million charge to its loss reserves for fourth quarter 2019 due to "deteriorating loss experience, driven by a large national healthcare account." On this news, the Company's share price fell $4.18, or over 11%, to close at $33.40 per share on January 23, 2020, thereby injuring investors.
Then, on May 7, 2020, ProAssurance announced its first quarter 2020 financial results, reporting 2.6% decline in total revenues over the prior year period, and slashed its dividend from $0.31 per share to just $0.05 per share. On this news, the Company's share price fell $4.38, or over 21%, to close at $15.95 on May 8, 2020, thereby injuring investors further.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
BH_BH_BH_BH_BH_BH_BH_BH
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