An investigation on behalf of current long term investors in Hallmark Financial Services, Inc. (NASDAQ:HALL) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 08/04/2021 -- An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Hallmark Financial Services, Inc.
Investors who are current long term investors in Hallmark Financial Services, Inc. (NASDAQ: HALL) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: HALL stocks follows a lawsuit filed against Hallmark Financial Services, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: HALL stocks, concerns whether certain Hallmark Financial Services, Inc. directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that the Company lacked effective internal controls over accounting and financial reporting related to reserves for unpaid losses, that the Company improperly accounted for reserve for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business, that as a result, Hallmark Financial would be forced to report a $63.8 million loss development for prior underwriting years, that as a result, Hallmark Financial would exit from its Binding Primary Commercial Auto business, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. According to the suit, these true details were disclosed by a market research firm.
Those who purchased shares of Hallmark Financial Services, Inc. (NASDAQ: HALL) have certain options and should contact the Shareholders Foundation.
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