Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Argo Group International Holdings, Ltd. who purchased shares between February 13, 2018 and August 9, 2022.
Argo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 8, 2022, the Company disclosed that it had entered into a Loss Portfolio Transfer agreement with a wholly owned subsidiary of Enstar Group Limited covering a majority of the company’s U.S. casualty insurance reserves and that it anticipated recognizing an after-tax charge of approximately $100 million in connection with the transaction in the third quarter of 2022.
On this news, shares of Argo stock plummeted approximately 28%, from a closing price of $32.22 per share on August 8, 2022 to a closing price of $23.10 per share on August 10, 2022.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 19, 2022 to request that the court appoint them lead plaintiff.