Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of Alabama on behalf of shareholders of ProAssurance Corporation who purchased shares between April 26, 2019 and May 7, 2020.
ProAssurance and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 8, 2020, following prior negative disclosures regarding the Company’s relationship with one of its very large clients, the Company disclosed that the client would likely not be renewing its policy but instead exercise an option for tail coverage that would result in an additional $50 million in losses for 2Q 2020.
On this news, the price of ProAssurance’s shares plummeted.
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 August 17, 2020 to request that the court appoint them lead plaintiff.