A lawsuit was filed on behalf of investors in Kingstone Companies, Inc. (NASDAQ: KINS) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/26/2019 -- An investor, who purchased shares of Kingstone Companies, Inc. (NASDAQ: KINS), filed a lawsuit over alleged Securities Laws violations by Kingstone Companies, Inc.
Investors who purchased shares of Kingstone Companies, Inc. (NASDAQ: KINS) have certain options and for certain investors are short and strict deadlines running. Deadline: August 12, 2019. NASDAQ: KINS investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Kingstone, NY based Kingstone Companies, Inc., through its subsidiary, Kingstone Insurance Company, underwrites property and casualty insurance products to small businesses and individuals in New York. On April 29, 2019, Kingstone Companies, Inc. disclosed a $2.5 million charge to its claims case reserves and a $2.5 million charge to its incurred but not reported ("IBNR") reserves, based on a "comprehensive review of [the Company's] claims operations." As a result of the charges, Kingstone Companies, Inc. said it "expects to end the full year with a combined ratio excluding catastrophe losses of 88% to 91% and catastrophe losses of 4 to 5 points."
The plaintiff claims that between March 14, 2018 and April 29, 2019, the Defendants failed to disclose to investors that the Company did not adequately follow industry best practices related to claims handling, that, as a result, the Company did not record sufficient claims reserves, that the Company lacked adequate internal control over financial reporting, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Kingstone Companies, Inc. (NASDAQ: KINS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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