Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired common stock shares of Argo Group International Holdings, Ltd. (“Argo” or the “Company”) (NYSE: ARGO) from February 13, 2018 through August 9, 2022, inclusive (the “Class Period”).
If you purchased Argo common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 19, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Argo investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email firstname.lastname@example.org, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Argo is a Bermuda based insurance underwriter in property and casualty insurance markets. In the United States, Argo claims to be a leading insurer in the Excess and Surplus lines sector, which involves underwriting policies for risks that standard insurers are unwilling or unable to underwrite.
The securities class action alleges that Argo made materially false and misleading statements and omissions concerning the Company’s ability to set appropriate reserves, changing of its underwriting policies, and writing of policies outside of its “core” business.
The truth was partially disclosed on February 8, 2022, when Argo announced that its fourth quarter results for 2021 would be negatively impacted by $130 million to $140 million in prior year reserve development and non-operating charges. The Company revealed that that the largest reserve increases were related to construction defect claims within Argo’s U.S. Operations, in addition to reserve increases in the Run-off segment. Argo also admitted that the prior year reserve increase for construction defect primarily related to the 2017 and prior underwriting years in business lines that had either been significantly remediated or discontinued. On this news, the price of Argo common stock fell $7.11, or 13.71%, to close at $44.76 per share on February 9, 2022.
On August 8, 2022, Argo announced that it had entered into a Loss Portfolio Transfer agreement with a wholly owned subsidiary of Enstar Group Limited covering a majority of the company’s U.S. casualty insurance reserves. On August 10, 2022, a Raymond James analyst downgraded Argo’s outlook and noted that Argo faced increasing uncertainty because it had taken on a $75 million loss corridor. On this news, the price of Argo’s common stock declined $9.12 per share, or 28.3%, from an August 8, 2022 closing price of $32.22 to close at $23.10 per share on August 10, 2022.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.