LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Hallmark Financial Services, Inc. (“Hallmark Financial” or “the Company”) (NASDAQ: HALL) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Hallmark Financial announced the firing of its independent auditor, BDO, on March 2, 2020. The Company claimed the dismissal was based on a “disagreement” regarding its estimated reserves for unpaid losses and loss adjustment expenses throughout 2019. The Company disclosed on March 17, 2020, that BDO sent a letter to the SEC claiming that the auditor had expanded the scope of its audit on January 31, 2020, with respect to the matters of disagreement, and that “a substantial portion of the requests had not been received and/or tested prior to our termination.” Based on this news, Hallmark Financial’s share price fell almost 3% on March 18, 2020.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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