ProAssurance Corporation (PRA) investigation by Glancy Prongay & Murray LLP GPM a leading national shareholder rights law firm

Mon 18th May 2020 | Posted by GPMfeeds, on General

LOS ANGELES, May 18, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of ProAssurance Corporation (“ProAssurance” or the “Company”) (NYSE: PRA) investors concerning the Company and its officers’ possible violations of the federal securities laws.

If you suffered a loss on your ProAssurance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, contact Charles H. Linehan, of GPM at 310-801-2829, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

On January 22, 2020, after the market closed, ProAssurance disclosed a $37 million charge to its loss reserves for fourth quarter 2019 due to “deteriorating loss experience, driven by a large national healthcare account.”

On this news, the Company’s share price fell $4.18, or over 11%, to close at $33.40 per share on January 23, 2020, thereby injuring investors.  On May 7, 2020, ProAssurance announced its first quarter 2020 financial results, reporting 2.6% decline in total revenues over the prior year period, and slashed its dividend from $0.31 per share to just $0.05 per share.  On this news, the Company’s share price fell $4.38, or over 21%, to close at $15.95 on May 8, 2020, thereby injuring investors further.

Whistleblower Notice: Persons with non-public information regarding ProAssurance should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-801-2829 or email shareholders@glancylaw.com.

About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-801-2829
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com

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