SAN DIEGO, March 9, 2018 /PRNewswire/ -- Johnson
Fistel, LLP is investigating potential violations of the federal
and state securities laws by The Allstate Corporation (NYSE: ALL)
("Allstate") and certain of its officers
A Securities Class Action Complaint was filed on behalf of those
who purchased securities of Allstate between October 29, 2014, and August 3, 2015. According to the lawsuit,
throughout the Class Period defendants made false and/or misleading
statements and/or failed to disclose that the reason for the sudden
spike in its auto claims frequency, which defendants claimed was
due to external events beyond the Allstate's control, was actually
the result of Allstate's growth in its auto policy business through
higher risk drivers. On August 3,
2015, Allstate reported disappointing second-quarter 2015
financial results, including 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. On that
same day, Allstate's CEO 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." On February 27, 2018, the
courts denied Allstate's motion to dismiss, paving the way for
litigation to carry on.
If you have held Allstate shares continuously before
October 29, 2014, you may have
standing to hold Allstate harmless from the damage the officers and
directors caused by making them personally responsible. You may
also be able to assist in reforming the Company's corporate
governance to prevent future wrongdoing.
If you are an Allstate shareholder continuously holding
shares before October 29,
2014, and are interested in learning more
about your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) at
619-814-4471. If you email, please include your phone
number.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP