The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Markel Corporation (NYSE: MKL) who purchased shares between July 26, 2017 and December 6, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
(a) Markel lacked effective reporting controls and was not reporting its financial results in compliance with Generally Accepted Accounting Principles (“GAAP”); (b) the Company’s wholly-owned subsidiary Markel CATCo Investment Management Ltd. (“MCIM”) was not appropriately recording loss reserves; (c) as a result, MCIM’s loss reserves would need to be adjusted and/or restated; (d) these accounting practices would lead to regulatory scrutiny and financial loss to investors; and (e) as a result of the foregoing, defendants’ positive statements during the Class Period were materially false and misleading and/or lacked a reasonable basis.
Shareholders have until March 12, 2019 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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