Investigation announced for NASDAQ: HALL Investor over possible Wrongdoing at Hallmark Financial Services, Inc.

An investigation was announced for investors in shares of Hallmark Financial Services, Inc. (NASDAQ: HALL) concerning potential breaches of fiduciary duties by certain directors of Hallmark Financial Services, Inc..

Investors who are current long term investors in Hallmark Financial Services, Inc. (NASDAQ: HALL) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NASDAQ: HALL stocks follows a lawsuit filed against Hallmark Financial Services, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: HALL stocks, concerns whether certain Hallmark Financial Services, Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Northern District of Texas the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that the Company lacked effective internal controls over accounting and financial reporting related to reserves for unpaid losses, that the Company improperly accounted for reserve for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business, that as a result, Hallmark Financial would be forced to report a $63.8 million loss development for prior underwriting years, that as a result, Hallmark Financial would exit from its Binding Primary Commercial Auto business, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. According to the suit, these true details were disclosed by a market research firm.

Those who purchased shares of Hallmark Financial Services, Inc. (NASDAQ: HALL) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.