GlobeNewswire Inc | Feb 18, 2021 08:30AM EST

February 18, 2021

PHILADELPHIA, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Hallmark Financial Services, Inc. (Hallmark or the Company) (NASDAQ: HALL) on behalf of the Companys stockholders.

Recently an amended shareholder securities fraud complaint was filed against Hallmark and certain of the Companys senior executive officers on behalf of investors who purchased shares of Hallmarks common stock between March 5, 2019 and March 17, 2020. According to the complaint, during that time period, although publicly representing that the Companys loss reserve process was sufficient and accurate, Hallmark (i) was deliberately and systematically manipulated and understated loss reserves in order to overstate its reported net income and (ii) lacked effective internal accounting controls to prevent such manipulation.

The complaint further alleges that, during March 2020, shares of Hallmarks common stock declined more than 78% in value after the Company issued a series of negative disclosures concerning its loss reserves.

The firms investigation seeks to determine whether the members of Hallmarks board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.

Current Hallmark stockholders who purchased or acquired shares of Hallmarks common stock prior to March 5, 2019 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 1585, or by email at skaskela@kaskelalaw.com or online at http://kaskelalaw.com/case/hallmark-financial-services-inc/, for additional information about this investigation and their legal rights and options.

Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.

CONTACT:

D. Seamus Kaskela, Esq.KASKELA LAW LLC18 Campus Blvd., Suite 100Newtown Square, PA 19073(484) 258 1585(888) 715 1740www.kaskelalaw.comskaskela@kaskelalaw.com

This notice may constitute attorney advertising in certain jurisdictions.