Settlement of Sheet Metal Workers Local 19 Pension Fund v. ProAssurance Corporation, et al.,
The parties have reached a settlement of this action, pending in the United States District Court for the Northern District of Alabama, Southern Division. The settlement provides for the payment of $28 million for the benefit of eligible Settlement Class Members. Lead Plaintiffs Central Laborers’ Pension Fund and Plymouth County Retirement Association alleged Defendants violated §10(b) of the Securities Exchange Act and the Individual Defendants violated §20(a) of the Exchange Act. Specifically, Lead Plaintiffs alleged that, during the Class Period, Defendants materially misled investors by concealing ProAssurance Corporation’s (“ProAssurance”) deviation from its purportedly conservative underwriting and reserve practices in connection with an undisclosed insurance policy issued to a large national account. Lead Plaintiffs also alleged that, as a result of Defendants’ misrepresentations and/or omissions, the price of ProAssurance’s common stock was artificially inflated during the Class Period.
The Settlement Class consists of all Persons who purchased or otherwise acquired ProAssurance common stock between August 8, 2018 and May 7, 2020, inclusive, and were alleged to be damaged thereby. Excluded from the Settlement Class are: (i) the Defendants; (ii) the current and Class Period officers and directors of ProAssurance; (iii) the Immediate Family Members of the Individual Defendants; and (iv) the legal representatives, affiliates, heirs, successors-in-interest or assigns of any such excluded party and any entity in which such excluded persons have or had a controlling interest.
The settlement was approved by the Court on January 17, 2024.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.