NEW YORK, March 16, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Argo Group International Holdings, Ltd. ("Argo" or the "Company") (NYSE: ARGO). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Argo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 8, 2022, Argo announced that its results for the fourth quarter of 2021 will be negatively affected by adverse prior year reserve development and non-operating charges. Specifically, the Company expects net adverse prior year reserve development to be $130 million to $140 million for the quarter, the largest of which increases were related to construction defect claims within Argo's U.S. operations and reserve increases in the run-off segment. In addition, Argo disclosed an expected goodwill and intangible assets charge of $40 million to $45 million for the quarter, related to Argo's syndicate 1200 business unit.
On this news, Argo's stock price fell sharply during intraday trading on February 9, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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