Hallmark Financial Services (HALL) Stock Drops 75%, Prompting Investor Lawsuit; Investors Are Encouraged to Contact Murphy Law Firm

OKLAHOMA CITY, OK / ACCESSWIRE / May 7, 2020 / Murphy Law Firm announces that a class action lawsuit has been filed on behalf of investors who purchased Hallmark Financial Services, Inc. (NASDAQ:HALL) securities. 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.

To join the lawsuit, go to http://www.murphylegalfirm.com/cases/hallmark-landing/.

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.

SOURCE: Murphy Law Firm

ReleaseID: 588714

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