Hallmark Financial Services (NASDAQ: HALL)

5A class action lawsuit has been filed on behalf of investors who purchased Hallmark Financial Services, Inc. (NASDAQ: HALL) stock. The lawsuit alleges that certain Hallmark Financial executive officers fraudulently misled investors, causing the company’s stock price to fall more than 75% after the truth emerged. The lawsuit seeks to recover monetary damages for Hallmark Financial investors, with all litigation costs and expenses covered by Murphy Law Firm.
Investor Information

The lawsuit alleges that defendants made materially false and misleading statements while failing to disclose that: (1) Hallmark Financial improperly accounted for its reserve for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business; (2) the company would be forced to report a $63.8 million loss development for prior underwriting years; and (3) as a result, Hallmark Financial would exit from its Binding Primary Commercial Auto business. When the true details were revealed to the market, the price of Hallmark Financial stock fell more than 75% between March 2 and March 18, closing at $3.12 per share compared to the closing price of $14.33 per share on March 2, 2020.

To join the lawsuit, please provide your information above, or to discuss your rights regarding this class action, please contact A. Brooke Murphy, Esq. at abm@murphylegalfirm.com or (405) 389-4989.