LOS ANGELES, June 29, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to fcruz@frankcruzlaw.com.
Hallmark Financial Services, Inc. (NASDAQ: HALL)
Class Period: March 5, 2019 – March 17, 2020
Lead Plaintiff Deadline: July 6, 2020
The complaint filed in this class action alleges that throughout the Class Period, Hallmark Financial made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Hallmark Financial failed to disclose to investors: (1) that the Company lacked effective internal controls over accounting and financial reporting related to reserves for unpaid losses; (2) that the Company improperly accounted for reserve for unpaid losses and loss adjustment expenses related to its Binding Primary Commercial Auto business; (3) that, as a result, Hallmark Financial would be forced to report a $63.8 million loss development for prior underwriting years; (4) that, as a result, Hallmark Financial would exit from its Binding Primary Commercial Auto business; and (5) that, as a result of the foregoing, Defendants’ positive statements about its business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Grand Canyon Education, Inc (NASDAQ: LOPE)
Class Period: January 5, 2018 – January 27, 2020
Lead Plaintiff Deadline: July 13, 2020
The complaint alleges that Grand Canyon, throughout the Class Period, made false and/or misleading statements and/or failed to disclose: (1) that GCU was not a proper non-profit organization as it remained under the control of Grand Canyon, (2) that Grand Canyon was not a third-party service provider to GCU but rather continued to effectively operate the entity, (3) that Grand Canyon employees served as executives of GCU, and (4) that GCU functioned as an off-balance-sheet entity to which Grand Canyon was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating Grand Canyon’s financial results.
Conn’s, Inc. (NASDAQ: CONN)
Class Period: September 3, 2019 – December 9, 2019
Lead Plaintiff Deadline: July 14, 2020
The complaint filed in this class action alleges that throughout the Class Period, Conn’s made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Conn’s failed to disclose to investors: (1) that Conn’s was experiencing an increase in first payment defaults and 60-plus day delinquencies; (2) that, as a result, Conn’s was reasonably likely to record an increase to its provision for bad debts; (3) that the Company made certain underwriting adjustments, including tightening its standards for new customers and online applicants; (4) that, as a result, the Company’s same-store sales would be adversely impacted; and (5) 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.
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To be a member of these class actions, 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 action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com