NEW YORK, Aug. 10, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Argo Group International Holdings, Ltd. ARGO and Hyzon Motors, Inc. HYZN. Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Argo Group International Holdings, Ltd. ARGO
On February 8, 2022, Argo announced that its results for the fourth quarter of 2021 will be negatively affected by adverse prior year reserve development and non-operating charges. Specifically, the Company expects net adverse prior year reserve development to be $130 million to $140 million for the quarter, the largest of which increases were related to construction defect claims within Argo’s U.S. operations and reserve increases in the run-off segment. In addition, Argo disclosed an expected goodwill and intangible assets charge of $40 million to $45 million for the quarter, related to Argo’s syndicate 1200 business unit.
On this news, Argo’s stock price fell sharply during intraday trading on February 9, 2022.
For more information on the Argo Group investigation go to: https://bespc.com/cases/ARGO
Hyzon Motors, Inc. HYZN
After the market closed on August 4, 2022, Hyzon Motors disclosed in a SEC filing that “the Company’s Board of Directors appointed a committee of independent board members to investigate, with the assistance of independent outside counsel and other advisors, certain issues regarding revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations.” The Company further announced that “Due to the ongoing investigation, the Company will be unable to file its Form 10-Q for the quarter ended June 30, 2022 by August 15, 2022, the due date for filing, and does not have an anticipated filing date at this time.”
Following this news, when trading of Hyzon Motors opened on August 5, 2022, the price of the shares fell $1.71 per share, or 38.1%, to close at $2.78 per share.
For more information on the Hyzon investigation go to: https://bespc.com/cases/HYZN
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.