WELLINGTON, Fla., June 23, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO” or the “Firm”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON), remind investors that they have until August 17, 2020 to file lead plaintiff applications in the securities class action lawsuit filed against ProAssurance Corporation (NYSE: PRA). Shareholders with losses exceeding $100,000 are encouraged to contact the Firm to discuss their options.
If you purchased shares of ProAssurance and would like to discuss the case and your options as a class member and serving as a lead plaintiff, you may, without obligation or cost, contact attorney Anthony Barbuto, at (888) 715-2520, or via email at anthony@barjolaw.com, or Neil Rothstein via email at neil@barjolaw.com. BARJO believes strongly that the choice of a qualified lead plaintiff can have a significant impact on the successful outcome of a case.
The case, Sheet Metal Workers Local 19 Pension Fund v. ProAssurance Corporation, et al., Case No.: 2:20-cv-00856, was filed in the U.S. District Court for the Northern District of Alabama on behalf of shareholders who purchased the Company’s common stock from April 26, 2019 and May 7, 2020, inclusive (the “Class Period”).
The lawsuit alleges that ProAssurance and certain of its executives failed to disclose material information during the Class Period, violating federal securities laws and inflating the Company’s stock price. Specifically, the lawsuit alleges, in part, that the Defendants misrepresented and/or failed to disclose to investors that ProAssurance lacked adequate risk management controls necessary to set appropriate loss reserves in its Specialty P&C segment, and that it failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten.
On February 20, 2020, ProAssurance announced that the Company was estimating a $51.5 million adverse development in its Specialty P&C loss reserves for the fourth quarter of 2019 because of a loss relating mainly to one large healthcare account underwritten in 2016. On May 8, 2020, ProAssurance announced that the large healthcare client would likely not renew its policy and instead would likely exercise an option for tail coverage that would result in an additional $50 million in losses in the second quarter of 2020. ProAssurance’s stock price has substantially declined since these disclosures were made.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com