The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of ProAssurance Corporation (NYSE: PRA) who purchased shares between April 26, 2019 and May 7, 2020. The action, which was filed in the United States District Court for the Northern District of Alabama, alleges that the Company violated federal securities laws.
In particular, the ProAssurance lawsuit alleges that (i) ProAssurance lacked adequate underwriting process and risk management controls necessary to set appropriate loss reserves in its Specialty P&C segment; (ii) ProAssurance failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten; and (iii) as a result, ProAssurance was subject to materially heightened risk of financial loss and reserve charges.
Shareholders have until August 17, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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