January 9 Deadline Alert: Law Offices of Howard G. Smith Reminds The Allstate Corp. Investors of Upcoming Lead Plaintiff Dead...
January 05 2017 - 12:31PM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming January 9, 2017 deadline to file a lead
plaintiff motion in the class action filed on behalf of investors
who purchased The Allstate Corporation (“Allstate” or the
“Company”) (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 Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
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/20170105006133/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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