The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of The Allstate Corporation
Investors and Encourages Investors to Contact the Firm
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors
who purchased The Allstate Corporation (“Allstate” or the “Company”) (ALL) securities between October 30, 2014 and August 3, 2015, inclusive (the “Class Period”). Allstate
investors have until January 9, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Allstate investments are encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
According to the Complaint filed in this lawsuit, throughout the Class Period defendants made false and/or misleading statements
and/or failed to disclose that the reason for the sudden spike in its auto claims frequency, which defendants claimed was due to
external events beyond the Allstate’s control, was actually the result of Allstate’s growth in its auto policy business through
higher risk drivers.
On August 3, 2015, post-market, Allstate disclosed its second quarter 2015 financial results. In its report Allstate announced a
third consecutive quarter of heightened auto claims frequency, a 57% reduction in operating income and operating earnings per share
that were $0.34 under analysts' estimates. Following Allstate's earnings release, the Company's Chief Executive Officer stated that
the lower quarterly profit was primarily caused by "a deterioration in auto insurance margins" claiming that “margins decreased as
higher claim frequency and severity more than offset average auto insurance price increases."
Due to these disclosures, Allstate's share price fell over 10%, to close at $62.34 on August 4, 2015.
If you purchased shares of Allstate during the Class Period you may move the Court no later than January 9,
2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of
the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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