NEW YORK, June 19, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Kingstone Companies, Inc. (“Kingstone” or the “Company”) (Nasdaq: KINS) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Kingstone between March 14, 2018 and April 29, 2019, inclusive (the “Class Period”).
Investors who purchased the shares of Kingstone Companies, Inc. urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Kingstone Companies, Inc., you may, no later than August 12, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Kingstone Companies, Inc.
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The Complaint alleges 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.
On April 29, 2019, the Company 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, the Company “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.”
On this news, the Company’s stock price fell from $13.68 per share on April 29, 2019 to $11.61 per share on April 30, 2019, a decline of $2.07 per share or 15.13%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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