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Investigations  /  06.25.2020

Investigation of Hallmark Financial Services, Inc.

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Hallmark Financial Services Inc. (HALL) Dismisses Its Independent Auditor 

On March 2, 2020, Hallmark Financial announced that it had exited from the Binding Primary Commercial Auto Business and revealed a $63.8 million loss development for prior underwriting years. Then, on March 11, 2020, the Company disclosed it had dismissed its independent auditor BDO due in large part to a disagreement regarding estimates for reserves on unpaid losses. Finally, on March 17, 2020, Hallmark Financial filed with the SEC a letter from BDO stating BDO had expanded the scope of its audit relating to the disagreement and that “a substantial portion of the requests had not been received and/or tested prior to our termination.” Following these disclosures, shares of Hallmark Financial fell from a closing price of $14.33 per share on March 2, 2020 to a closing price of $3.12 per share on March 18, 2020, representing a 78% decline.

If you purchased Hallmark Financial Services Inc. (HALL) securities between March 5, 2019 and March 17, 2020, you have until July 6, 2020, to ask the court to be appointed lead plaintiff for the class.

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