Argo Group Class Action Lawsuit (ARGO Lawsuit)
What Is The Argo Group Class Action Lawsuit About?
The Argo Group International Holdings Class Action Lawsuit (NYSE:ARGO) (Argo Group Class Action Lawsuit) was filed when after the market closed on February 8, 2022, Argo issued a press release announcing that its fourth quarter results for 2021 (“4Q21”) would be negatively impacted by $130 to $140 million worth of adverse prior year reserve development and non-operating charges.
Is There An Argo Group Class Action Lawsuit?
ARGO:NYSE Class Action Lawsuit (Argo Group Corporation) was filed on October 20, 2022 on behalf of the shareholders. The lawsuit was filed because less than three months after assuring investors of “continued strong growth in the ongoing business,” on February 8, 2022, Argo issued a press release announcing that its fourth quarter results for 2021 (“4Q21”) would be negatively impacted by $130 to $140 million worth of adverse prior year reserve development and non-operating charges.
Specifically, the Company disclosed that: … Argo announced additional non-operating charges of $60 million to $70 million resulting in part from Argo’s “ongoing strategic review.” On this news, the price of the Company’s common stock fell $7.11 per share, or 13.7%, to close at $44.76 per share on February 9, 2022.
On February 10, the stock declined to $42.82 per share, for a two-day drop of $9.05 per share, or 17.5%, wiping out over $315 million in market capitalization.
Is There A Deadline For The ARGO Lawsuit?
How Much Did Shareholders Lose In ARGO Stock?
Shareholders who held ARGO securities saw the stock declined to $42.82 per share, for a two-day drop of $9.05 per share, or 17.5%, wiping out over $315 million in market capitalization.
What Is The Argo Group Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a ARGO class action lawsuit (Argo Group Class Action Lawsuit) has been filed on behalf of investors who purchased Argo Group Class Action Lawsuit (ARGO) securities between February 13, 2018 – August 9, 2022, inclusive. For more on the ARGO Lawsuit please contact us today.
According to the Argo Group lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) Argo’s reserves were wholly inadequate and its underwriting standards were not prudent as was represented;
(ii) Argo had dramatically changed its underwriting policies on certain U.S. construction contracts as far back as 2018; and
(iii) these policies were underwritten outside of the Company’s “core” business including in certain states and for certain exposures that were far riskier than investors understood and that the Company no longer would service moving forward.
If you suffered a loss in ARGO, you have until December 20, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired ARGO securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The ARGO class-action lawsuit is directed by the lead plaintiff. To litigate the Argo Group Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the ARGO Class Action Lawsuit.
What Does ARGO Do?
Argo Group International Holdings, Ltd. underwrites specialty insurance and reinsurance products in the property and casualty markets. The company operates in two segments, U.S. Operations and International Operations.
It offers primary and excess specialty casualty, general liability, commercial multi-peril, and workers compensation, as well as product, environmental, and auto liability insurance products; management liability, transaction liability, and errors and omissions liability insurance; primary and excess property, inland marine, and auto physical damage insurance; and surety, animal mortality, and ocean marine insurance products.
The company also provides directors and officers liability, errors and omissions liability, and employment practices liability insurance; international casualty and motor treaties insurance; professional indemnity and medical malpractice insurance; direct and facultative excess insurance, North American and international binders, and residential collateral protection for lending institutions; and personal accident, aviation, cargo, yachts, and onshore and offshore marine insurance products.
It markets its products through wholesale and retail agents, managing general agents, brokers, and third-party intermediaries.
The company was founded in 1948 and is headquartered in Pembroke, Bermuda.
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