Lead Plaintiff Deadline: 08/17/2020
SUMMARY OF CASE:
A securities class action has been filed against ProAssurance Corporation (PRA) on behalf of all purchasers of Avon common stock between April 26, 2019 through May 07, 2020. This case has been filed in the USDC – Alabama (Northern) .
The Complaint alleges that during the Class Period, Defendants misrepresented ProAssurance Corporation’s underwriting and reserve standards, and failed to adequately reserve for losses. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) ProAssurance lacked adequate underwriting process and risk management controls necessary to set appropriate loss reserves in its Specialty P&C segment; (ii) ProAssurance failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten; and (iii) as a result, the Company was subject to a materially heightened risk of financial loss and reserve charges.