BOSTON, June 29, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that securities class action have been filed against Hallmark Financial Services, Inc. (NASDAQ: HALL), Hamilton Beach Brands Holding Company (NYSE: HBB), and Hebron Technology Co., Ltd. (NASDAQ: HEBT). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
HALL Shareholders – Click Here: https://shareholder.law/hallmark
HBB Shareholders – Click Here: https://shareholder.law/hbb
HEBT Shareholders – Click Here: https://shareholder.law/hebt/
Hallmark Financial Services, Inc. (NASDAQ: HALL) – Lead Plaintiff Deadline of July 6, 2020
During the month of March 2020, Hallmark’s shares plummeted after a series of announcements. First, on March 2, 2020, Hallmark revealed its decision to “exit its Binding Primary Auto business.” In one day, Hallmark’s share price fell $2.10, to close at $12.23 per share. Next, on March 11, 2020, Hallmark announced that it had fired its public accounting firm over “a disagreement.” On this news, the stock fell from $8.10 to $5.71 per share. Then on March 17, 2020, Hallmark filed a letter with the SEC indicating that the former public accounting firm had “expanded significantly the scope of its audit on January 31, 2020.” On this news, the stock fell to just $3.12 per share.
Hamilton Beach Brands Holding Company (NYSE: HBB) – Lead Plaintiff Deadline of July 21, 2020
On May 11, 2020, Hamilton Beach Brands disclosed that it could not timely file its first quarter 2020 quarterly financial report due to “certain accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.” In addition, the Company stated that its “Audit Review Committee has commenced an internal investigation, with the assistance of outside counsel and other third party experts,” concerning “the realizability of certain assets of the Mexican subsidiary.” On this news, shares of Hamilton Beach Brands common stock fell by approximately 9%, or $1.03 per share, to close at just $10.43 per share on unusually heavy trading volume.
Hebron Technology Co., Ltd. (NASDAQ: HEBT) – Lead Plaintiff Deadline of August 10, 2020
On June 3, 2020, analyst Grizzly Research published a scathing report alleging that China-based Hebron Technology is an “insider enrichment scheme without economic basis.” In its report, Grizzly Research cited questionable transactions including an undisclosed related-party transaction of nearly $26 million. The report further stated “we believe HEBT is a stock manipulation scheme that engaged in undisclosed related party acquisitions and undisclosed private placement transactions that have artificially inflated the stock price.” On the publication of the Grizzly Research report, shares of HEBT fell from their June 2, 2020 closing price of $22.55 per share to a June 4, 2020 close of $11.78 per share, a drop of approximately 48%.
If you purchased or acquired shares of HALL, HBB, or HEBT and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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Phone: (617) 398-5600
Email: cases@blockesq.com
SOURCE: Block & Leviton LLP
www.blockesq.com