Glancy Prongay & Murray LLP (GPM) reminds investors of the March 12, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Markel Corporation (Markel or the Company) (NASDAQ: MKL) securities between July 26, 2017 and December 6, 2018, inclusive (the Class Period).
If you are a shareholder who suffered a loss, click here to participate.
On December 6, 2018, the Company disclosed that after having been contacted on November 30, 2018, it is fully cooperating with inquiries by US and Bermuda authorities into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries. On this news, the Companys share price fell $99.70 per share, more than 8%, to close at $1,048.23 per share on December 7, 2018, on unusually high trading volume, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Companys 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 Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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If you purchased shares of Markel, you may move the Court no later than March 12, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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