NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Everest Group, Ltd. (“Everest” or the “Company”) (NYSE: EG) securities between February 8, 2024 and October 27, 2025, inclusive (the “Class Period”). The class action charges Everest and certain of Everest’s top executives with violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants failed to disclose to investors that: (a) Everest remained materially exposed to and concentrated in casualty risks subject to escalating claim costs, including business Defendants claimed Everest had reduced or exited; (b) Everest had inadequately priced portions of that business; (c) Everest’s reserves were insufficient, causing it to understate its liabilities and expenses and materially overstate its earnings; and (d) addressing these problems would require substantial reserve charges, protection against further adverse development, and reductions in Everest’s casualty business, thereby sacrificing recurring premium revenue.
The Complaint alleges that the truth began to emerge after the market closed on October 30, 2024, when Everest released its third quarter results. The Complaint alleges that Everest disclosed that loss activity in its U.S. casualty business had “definitely spiked” and that rate increases had accelerated into the high teens. The Complaint continues to allege that management also said it was becoming “increasingly cautious” and declining to renew underperforming accounts, particularly in real estate, habitational, and leisure classes exposed to social inflation. The Complaint alleges that Everest further disclosed that its annual casualty reserve review was underway and would be completed during the fourth quarter. The Complaint continues to allege that analysts warned that the review could produce a reserve charge, with Raymond James initially estimating a charge of up to $360 million. The Complaint alleges that defendants nevertheless maintained that rates exceeded expected loss trends, Everest wrote business only where pricing was adequate, and its underwriting actions would improve margins and profitability. The Complaint alleges that in response to these disclosures, Everest’s stock price fell 6.4% on October 31, 2024.
Investors who purchased or otherwise acquired shares of Everest should contact the Firm prior to the December 28, 2026 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
