NEW ORLEANS, Nov. 22, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 19, 2022 to file lead plaintiff applications in a securities class action lawsuit against Argo Group International Holdings, Ltd. (NYSE: ARGO), if they purchased the Company’s shares between February 13, 2018 and August 9, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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Argo Group investors should visit us at https://claimsfiler.com/cases/nyse-argo/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Argo Group and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 8, 2022, the Company disclosed that it had entered into a Loss Portfolio Transfer agreement with a wholly owned subsidiary of Enstar Group Limited covering a majority of the company’s U.S. casualty insurance reserves and that it anticipated recognizing an after-tax charge of approximately $100 million in connection with the transaction in the third quarter of 2022.
On this news, shares of Argo stock plummeted approximately 28%, from a closing price of $32.22 per share on August 8, 2022 to a closing price of $23.10 per share on August 10, 2022.
The case is The Police & Fire Retirement System City of Detroit v. Argo Group International Holdings, Inc., Thomas A. Bradley, Scott Kirk, Kevin J. Rehnberg, Mark E. Watson, III and Jay S. Bullock, 1:22-cv-08971.
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