ARGO GROUP INVESTOR ALARM: 12/19/2022 Deadline for the plaintiff in
SAN FRANCISCO, CA / ACCESSWIRE / November 28, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends investors in Argo Group International Holdings, Ltd. (“Argo”) (NYSE:ARGO) who have bought or sold Argo common stock and have suffered intermittent losses February 13, 2018 and August 9, 2022 Contact our attorneys in the Securities Fraud Practice Group immediately for details of the pending securities fraud class action lawsuit against Argo. The lead plaintiff application deadline is December 19, 2022.
school lesson: February 13, 2018 – August 9, 2022
Lead plaintiff filing deadline: December 19, 2022
Case Information: https://www.lieffcabraser.com/securities/argo/
Contact us: email or SMS [email protected] or call 1-800-541-7358
The securities class action alleges that Argo made materially false and misleading statements and omissions regarding the company’s ability to set appropriate reserves, change its underwriting policies and write policies outside of its “core” business.
The truth was partially revealed on February 8, 2022 when Argo announced that its 2021 fourth quarter results were negatively impacted by $130-$140 million in reserve development and non-operating costs in the prior year. The Company announced that the largest provision increases, in addition to the provision increases in the run-off segment, were related to design defect claims within Argo’s US operations. Argo also acknowledged that the increase in the prior-year provision for design defects was primarily due to 2017 and prior underwriting years in businesses that had either been significantly rehabilitated or discontinued. As a result of this news, Argo common stock fell $7.11, or 13.71%, to close at $44.76 per share on February 9, 2022.
On August 8, 2022, Argo announced that it had entered into a loss-making portfolio transfer agreement with a wholly owned subsidiary of Enstar Group Limited, which owns much of the US…