GPM Reminds Investors of the January 9 Deadline in the Class Action Lawsuit Against The Allstate Corporation
January 06 2017 - 10:30AM
Business Wire
Investors with over $100,000 in losses are encouraged to contact
Lesley Portnoy, Esquire to discuss their legal rights
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
January 9, 2017 deadline to file a lead plaintiff motion in
the class action filed on behalf of a class (the “Class”) of
investors who purchased The Allstate Corporation (“Allstate” or the
“Company”) (NYSE: ALL) securities between October 30, 2014 and
August 3, 2015, inclusive (the “Class Period”). Allstate
investors have until January 9, 2017 to file a
lead plaintiff motion.
According to the Complaint filed in this lawsuit, throughout the
Class Period defendants made false and/or misleading statements
and/or failed to disclose that the reason for the sudden spike in
its auto claims frequency was the result of Allstate’s growth in
its auto policy business through higher risk drivers.
On August 3, 2015, post-market, Allstate disclosed its second
quarter 2015 financial results. In its report Allstate announced a
third consecutive quarter of heightened auto claims frequency, a
57% reduction in operating income and operating earnings per share
that were $0.34 under analysts' estimates. Following Allstate's
earnings release, the Company's Chief Executive Officer stated that
the lower quarterly profit was primarily caused by "a deterioration
in auto insurance margins" claiming that “margins decreased as
higher claim frequency and severity more than offset average auto
insurance price increases."
Due to these disclosures, Allstate's share price fell over 10%,
to close at $62.34 on August 4, 2015.
If you purchased Allstate shares, you may move the Court no
later than January 9, 2017 to request appointment
as lead plaintiff. To be a member of the class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170106005139/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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