Liberty Tax Inc (OTCMKTS:TAXA – Get Rating) shares hit a new 52-week high on Wednesday . The stock traded as high as $43.40 and last traded at $42.07, with a volume of 209644 shares. The stock had previously closed at $43.47. The company has a current ratio of 2.88, a quick ratio of 2.72 and […]
Franchise Group (NASDAQ:FRG) Rating Increased to Strong-Buy at Zacks Investment Research
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Franchise Group (NASDAQ:FRG) Downgraded by Zacks Investment Research
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Seventh Circuit Vacates and Remands Class Certification in Securities Fraud Action
Carpenters Pension Tr. Fund for N. Cal. v. Allstate Co., No. 19-1830 (7th Cir. July 16, 2020)
In a securities fraud case against Allstate Corporation, the Seventh Circuit vacated certification of a plaintiff class for legal error and remanded the case for further consideration.
In early 2013, Allstate announced it would be “softening” underwriting standards for its auto insurance business in an effort to attract new customers and increase profitability, but it acknowledged the softer standards held the risk of increasing auto claims frequency. The company’s CEO said the company would monitor claims frequency and adjust business practices as necessary. Two years later, Allstate announced that the growth strategy had indeed increased claims frequency and that it would be retightening underwriting standards. Its stock immediately dropped by more than 10 percent.