NEW YORK, March 01, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Markel Corporation (“Markel” or the “Company”) (NYSE: MKL) and certain of its officers and directors. The class action, filed in United States District Court, Southern District of New York, and indexed under 19-cv-01947, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who acquired Markel securities between July 26, 2017 and December 6, 2018, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Markel securities between July 26, 2017, and December 6, 2018, you have until March 12, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Markel is a holding company that purports to market and underwrite specialty insurance products and programs.
Markel CATCo Investment Management Ltd. (“MCIM”), the Company’s wholly-owned subsidiary, is purportedly an insurance-linked securities investment fund manager and reinsurance manager that manages diversified, collateralized retrocession and reinsurance portfolios covering global property catastrophe risks. The Company is the sole investor in one of the funds managed by MCIM, the Markel Diversified Fund, and consolidates that fund as its primary beneficiary. MCIM also manages CATCo Reinsurance Opportunities Fund Ltd. (“CROF”), a closed-end fund in which the Company holds an investment.
The complaint 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 Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) that the Company’s subsidiaries did not appropriately record loss reserves; (ii) that, as a result, the loss reserves would need to be adjusted and/or restated; (iii) that these misleading accounting practices would lead to regulatory scrutiny and financial loss to investors; and (iv) 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.
On December 6, 2018, the Company disclosed that it had been contacted by the 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 share price fell $99.70 per share, more than 8%, to close at $1048.23 per share on December 7, 2018, on unusually high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980