HALL - Nelson, this one looks interesting. Their growth and tangible BV are reassuring, despite all the selling down of the stock. What do you think of all those ambulance-chaser law-firms that have ganged up to vie in launching a class-action lawsuit against HALL? Just frivolous?
One of the solicitations for plaintiffs stated these allegations in their complaint over a month ago:
"(1) that the Company lacked effective internal controls over accounting and financial reporting related to reserves for unpaid losses; (2) that the Company improperly accounted for reserve for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business; (3) that, as a result, Hallmark Financial would be forced to report a $63.8 million loss development for prior underwriting years; (4) that, as a result, Hallmark Financial would exit from its Binding Primary Commercial Auto business; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis."
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