SAN DIEGO, Oct. 24, 2022 (GLOBE NEWSWIRE) — The class: Robbins LLP Reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons who bought shares in Argo Group International Holdings, Ltd. between February 13, 2018 and August 9, 2022. (NYSE: ARGO) for violations of the Securities Exchange Act of 1934.

What now: Shareholders in a similar situation may be eligible to participate in the class action lawsuit against Argo. Shareholders who wish to be named lead plaintiff in the class action must file by December 20, 2022. A lead plaintiff is a representative party acting on behalf of other members of the class in conducting the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Argo Group International Holdings, Ltd. (ARGO) has misled investors regarding its growth and business prospects

According to the complaint, Argo underwrites international specialty insurance products in the property and casualty markets. In the US, Argo claims to be a leader in excess and surplus, and to focus on risks that the standard market is unwilling or unable to take. During the class action, the defendants assured investors that they had closely monitored Argo’s policies and could set aside adequate reserves. In reality, however, Argos’ reserves were insufficient and its drafting standards were not as prudent as portrayed. In fact, Argo had dramatically changed its underwriting policies for certain U.S. construction contracts that were underwritten outside of the company’s “core” business and for certain commitments that were riskier than investors realized and that the company would not service going forward .

In February 2022, Argo announced that its fourth quarter 2021 results would be negatively impacted by negative prior events valued at $130-$140 million.