NEW YORK, Jan. 24, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Markel Corporation ("Markel" or the "Company") (NYSE:MKL) of the March 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Markel stock or options between July 26, 2017 and December 6, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MKL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Markel securities between July 26, 2017 and December 6, 2018 (the "Class Period"). The case, Bergen v. Markel Corporation et al, No. 19-cv-00319 was filed on January 11, 2019, and has been assigned to Judge Ronnie Abrams.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the Company's subsidiaries did not appropriately record loss reserves; (2) that, as a result, the loss reserves would need to be adjusted and/or restated; (3) that these misleading accounting practices would lead to regulatory scrutiny and financial loss to investors; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Specifically, on December 6, 2018, the Company disclosed that it had been contacted by US and Bermuda authorities on November 30, 2018 regarding "loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries."
On this news, the Company's stock price fell from $1,147.93 per share on December 6, 2018 to $1,048.23 per share on December 7, 2018—a $99.70 or 8.87% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Markel's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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