CHICAGO (Legal Newsline) — Stockholders from a Michigan city are suing Allstate and its officers, alleging violation of federal law.
The city of St. Clair Shores Police and Fire Retirement System filed a class action lawsuit, individually and on behalf of all others similarly situated, Nov. 10 in U.S. District Court for the Northern District of Illinois against The Allstate Corporation, Thomas J. Wilson, Matthew E. Winter and Patrick Macellaro, alleging false and misleading statements regarding the company's third quarter results.
According to the complaint, the plaintiffs suffered monetary damages from purchasing artificially inflated stocks. The plaintiffs allege Allstate and its officers issued false and misleading statements regarding the company in order to artificially inflate stock prices.
The plaintiffs seek trial by jury, damages plus interest, all legal fees and all other relief the court deems just. They are represented by attorneys James E. Barz and Frank A. Richter of Robbins Geller Rudman & Dowd LLP in Chicago and by Thomas C. Michaud of Vanoverbeke, Michaud & Timmony in Detroit.
U.S. District Court for the Northern District of Illinois Case number 1:16-cv-10510