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On August 3, 2015, post-market, Allstate announced disappointing second quarter 2015 financial results, reporting a third consecutive quarter of increased auto claims frequency, a 57% decline in operating income, and operating earnings per share that were $0.34 below analysts' consensus estimate. Following Allstate's earnings release, the Company's Chief Executive Officer stated that the lower quarterly profit was "driven by a deterioration in auto insurance margins" and explained that "[a]uto insurance margins decreased as higher claim frequency and severity more than offset average auto insurance price increases."
As a result of these revelations, Allstate's share price fell $7.04, or 10.15%, to close at $62.34 on August 4, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-the-allstate-corporation--all-300362255.html
SOURCE Pomerantz LLP