LOS ANGELES, May 18, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of ProAssurance Corporation (“ProAssurance” or the “Company”) (NYSE: PRA) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your ProAssurance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, contact Charles H. Linehan, of GPM at 310-801-2829, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.
On January 22, 2020, after the market closed, ProAssurance disclosed a $37 million charge to its loss reserves for fourth quarter 2019 due to “deteriorating loss experience, driven by a large national healthcare account.”
On this news, the Company’s share price fell $4.18, or over 11%, to close at $33.40 per share on January 23, 2020, thereby injuring investors. On May 7, 2020, ProAssurance announced its first quarter 2020 financial results, reporting 2.6% decline in total revenues over the prior year period, and slashed its dividend from $0.31 per share to just $0.05 per share. On this news, the Company’s share price fell $4.38, or over 21%, to close at $15.95 on May 8, 2020, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding ProAssurance should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-801-2829 or email shareholders@glancylaw.com.
