Archived Investigations
Argo Group International Holdings, Ltd. (NYSE: ARGO)
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 19, 2022 to file lead plaintiff applications in a securities class action lawsuit against Argo Group International Holdings, Ltd. (NYSE: ARGO).
Argo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 8, 2022, the Company disclosed that it had entered into a Loss Portfolio Transfer agreement with a wholly owned subsidiary of Enstar Group Limited covering a majority of the company’s U.S. casualty insurance reserves and that it anticipated recognizing an after-tax charge of approximately $100 million in connection with the transaction in the third quarter of 2022.
On this news, shares of Argo stock plummeted approximately 28%, from a closing price of $32.22 per share on August 8, 2022 to a closing price of $23.10 per share on August 10, 2022.
The case is The Police & Fire Retirement System City of Detroit v. Argo Group International Holdings, Inc., Thomas A. Bradley, Scott Kirk, Kevin J. Rehnberg, Mark E. Watson, III and Jay S. Bullock, 1:22-cv-08971.