Scott+Scott Attorneys at Law LLP Reminds Investors of Securities Class Action Against ProAssurance Corporation (PRA) and August 17 Deadline
NEW YORK, July 16, 2020 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, is reminding investors that a class action lawsuit is pending against ProAssurance Corporation ("ProAssurance" or the "Company") (NYSE: PRA) and certain of its officers and directors alleging violations of federal securities laws. If you purchased ProAssurance securities between April 26, 2019 and May 7, 2020, inclusive (the "Class Period"), you are encouraged to contact a Scott+Scott attorney for additional information at (844) 818-6980 or [email protected].
ProAssurance is one of the largest medical liability insurance providers in the United States.
The lawsuit alleges the defendants misrepresented ProAssurance's underwriting and reserve standards, and failed to adequately reserve for losses.
On January 22, 2020, ProAssurance announced that because of a deteriorating loss experience related mainly to one large healthcare account underwritten in 2016, the Company was estimating a $37 million adverse development for the fourth quarter of 2019.
On this news, ProAssurance's stock price fell $4.18 per share, or 11%, to close at $33.40 per share on January 23, 2020.
Then, on May 8, 2020, ProAssurance announced that the same client would likely not renew its policy and instead would likely exercise an option for tail coverage that would result in an additional $50 million in losses in the second quarter of 2020.
On this news, ProAssurance's stock price fell $4.38 per share, or 22%, to close at $15.95 per share on May 8, 2020.
What You Can Do
If you purchased ProAssurance securities between April 26, 2019 and May 7, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact Rhiana Swartz at (844) 818-6980 or [email protected]. The lead plaintiff deadline is August 17, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6980
[email protected]
SOURCE Scott+Scott Attorneys at Law LLP
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