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MONDAY DEADLINE ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Hallmark Financial Services, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

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Newsfile Corp.
·2 min read
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Los Angeles, California--(Newsfile Corp. - June 30, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Hallmark Financial Services, Inc. (NASDAQ: HALL) ("Hallmark Financial" or "the Company") for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between March 5, 2019 and March 17, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before July 6, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

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.

According to the Complaint, the Company made false and misleading statements to the market. Hallmark Financial failed to maintain appropriate internal controls over accounting and financial reporting, specifically over reserves for unpaid losses. The Company's accounting unpaid losses and loss adjustment expenses were improper and ineffective. This resulted in the Company being forced to report a $63.8 million loss development for prior underwriting years. Ultimately, the Company withdrew from its Binding Primary Commercial Auto business, which was the primary source of the improper accounting. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Hallmark Financial, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.


The Schall Law Firm
Brian Schall, Esq.,
Office: 310-301-3335


The Schall Law Firm

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58884