Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Argo Group International Holdings, Ltd. (ARGO) Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Argo Group International Holdings, Ltd. (“Argo” or the “Company”) (NYSE: ARGO) common stock between February 13, 2018 and August 9, 2022, inclusive (the “Class Period”). Argo investors have until December 19, 2022 to file a lead plaintiff motion.

If you suffered a loss on your Argo investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/argo-group-international-holdings-ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On February 8, 2022, Argo issued a press release disclosing that its results for the fourth quarter of 2021 would be “negatively affected by adverse prior year reserve development and non-operating charges.” Specifically, Argo expects “net adverse prior year reserve development to be in the range of $130 million to $140 million.” The Company explained that the largest reserve increases were due to construction defect claims within Argo’s U.S. Operations and reserve increases in the run-off segment.

On this news, Argo’s stock fell $7.11, or 13.7%, to close at $44.76 per share on February 9, 2022, thereby injuring investors.

Then, on August 8, 2022, Argo announced that it had entered into a loss portfolio transfer agreement with a subsidiary of Enstar Group Limited (“Enstar”) pursuant to which Argo would retain a loss corridor of $75 million up to $821 million. An analyst noted that the Company faced “additional uncertainties,” as this loss corridor retention “could act as overhang on the outlook for the next 12-24 months.”

On this news, Argo’s stock fell $9.12, or 28.3%, to close at $23.10 per share on August 10, 2022, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, 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: (1) Argo’s reserves were wholly inadequate and its underwriting standards were not prudent as was represented; (2) Argo had dramatically changed its underwriting policies on certain U.S. construction contracts as far back as 2018; (3) these policies were underwritten outside of the Company’s “core” business including in certain states and for certain exposures that were far riskier than investors understood and that the Company no longer would service moving forward; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Argo common stock during the Class Period, you may move the Court no later than December 19, 2022 to ask the Court to appoint you as lead plaintiff. 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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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