Markel Corporation (NYSE: MKL) Investor Securities Class Action Lawsuit 01/11/2019

If you purchased a significant amount of shares of Markel Corporation (NYSE: MKL) between July 26, 2017 and December 6, 2018, and / or if you purchased any NYSE: MKL shares prior to July 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: March 12, 2019. NYSE: MKL investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Markel
Case Name: 
Markel Shareholder Class Action Lawsuit 01/11/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: MKL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/11/2019
Class Period Begin: 
07/26/2017
Class Period End: 
12/06/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
03/12/2019
Summary: 

An investor in shares of Markel Corporation (NYSE: MKL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Markel Corporation in connection with certain allegedly false and misleading statements made between July 26, 2017 and December 6, 2018.

Glen Allen, VA based Markel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, the United Kingdom, Canada, and internationally. Markel Corporation reported that its annual Total Revenue rose from over $5.61 billion in 2016 to over $6.06 billion in 2017 and that its Net INcome declined from $455.68 million in 2016 to $395.26 million in 2017.

Shares of Markel Corporation (NYSE: MKL) grew from $825.07 per share in November 2016 to as high as $1,220.12 per share in September 2018.

On December 7, 2018, Markel Corporation disclosed that “after having been contacted on November 30, 2018, it is fully cooperating with inquiries by US and Bermuda authorities into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries.”

Shares of Markel Corporation (NYSE: MKL) declined to as low as $954.39 per share on December 24, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Markel Corporation (NYSE: MKL) common shares between July 26, 2017 and December 6, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 26, 2017 and December 6, 2018, the 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 failed to disclose to investors that the Company’s subsidiaries did not appropriately record loss reserves, that, as a result, the loss reserves would need to be adjusted and/or restated, that these misleading accounting practices would lead to regulatory scrutiny and financial loss to investors, and 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.