NEW YORK, NY / ACCESSWIRE / November 5, 2022 / Pomerantz LLP is investigating claims on behalf of investors in Allstate Corporation (“Allstate” or the “Company”) (NYSE: ALL). Those investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, extension 7980.
The investigation concerns whether Allstate and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On October 19, 2022, Allstate reported its third quarter 2022 financial results. Among other things, Allstate announced that it expects an adjusted net loss of $400 million to $450 million, offset by an $875 million charge to unfavorable reserves in prior year reassessments, excluding catastrophes. In addition, the company estimated pre-tax catastrophe losses of $763 million for the quarter.
As a result of this news, Allstate’s stock price fell $17.44 per share, or 12.9%, to close at $117.71 per share on October 20, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the…
