NEW YORK, May 04, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Hallmark Financial Services Inc. (“Hallmark Financial Services” or the “Company”) (NASDAQ: HALL). This investigation concerns whether Hallmark Financial Services has violated federal securities laws and/or engaged in other unlawful business practices.
On March 2, 2020, Hallmark Financial Services issued a press release, stating that it “made the strategic decision to exit its Binding Primary Auto business.” On this news, the Company’s share price fell $2.10, or 14.6%, to close at $12.23 per share on March 3, 2020.
Then, on March 11, 2020, Hallmark Financial Services announced it had dismissed its independent auditor, BDO, over a “disagreement” concerning the Company’s estimated reserves for unpaid losses and loss adjustment expenses throughout 2019. On this news, the Company’s share price fell $2.39, or 29.5%, to close at $5.71 on March 12, 2020.
Finally, on March 17, 2020, Hallmark Financial Services disclosed a letter from BDO to the SEC revealing that, on January 31, 2020, BDO had significantly expanded the scope of its audit with respect to the matters of disagreement and that “a substantial portion of the requests had not been received and/or tested prior to [BDO’s] termination.”
If you acquired Hallmark Financial Services securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
(212) 371-6600
investigations@kmllp.com
www.kmllp.com