An investor in NYSE:ALL shares filed a lawsuit over alleged violations of Federal Securities Laws by Allstate in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Allstate Corp (NYSE:ALL) have certain options and for certain investors are short and strict deadlines running. Deadline: January 9, 2016. NYSE:ALL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that the defendants issued allegedly false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects, including that the reason for the sudden spike in its auto claims frequency, which defendants claimed was due to external events beyond the Company’s control, including the weather and increased miles driven, was actually the result of Allstate’s growth in its auto policy business through higher risk drivers, and that as a result of defendants’ allegedly false statements and/or omissions, Allstate Corp stock traded at artificially inflated prices between October 30, 2014 and August 3, 2015, reaching a high of $72.58 per share, and certain of the Company’s insiders, including its CEO, were able to sell their Allstate shares at artificially inflated prices.
On August 3, 2015, Allstate Corp announced its second quarter 2015 financial results.
Following the earnings release, the Company’s CEO stated that the lower quarterly profit was “driven by a deterioration in auto insurance margins” and explained that “[a]uto insurance margins decreased as higher claim frequency and severity more than offset average auto insurance price increases.”
Shares of Allstate Corp (NYSE:ALL) declined from $68.95 per share in July 2015 to as low as $57.04 per share on September 4, 2015.
On February 3, 2016 Allstate Corp announced its fourth quarter and full year 2015 financial results. Allstate Corp reported that its annual Total Revenue rose from over $35.48 billion in 2014 to over $36.1 billion in 2015 while its Net Income declined from$2.85 billion to over $2.17 billion.
On December 1, 2016, NYSE:ALL shares closed at $70.35 per share.
Those who purchased NYSE:ALL shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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