Glancy Prongay & Murray LLP (GPM) reminds investors of the upcoming August 12, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Kingstone Companies, Inc. (Kingstone or the Company) (NASDAQ: KINS) investors who purchased securities between March 14, 2018 and April 29, 2019, inclusive (the Class Period).
If you are a shareholder who suffered a loss, click here to participate.
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 Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
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 IBNR reserves, based on a comprehensive review of [the Companys] 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 Companys share price fell $2.07 per share, more than 15%, to close at $11.61 per share on April 30, 2019, thereby injuring investors.
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 Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company did not adequately follow industry best practices related to claims handling; (2) that, as a result, the Company did not record sufficient claims reserves; (3) that the Company lacked adequate internal control over financial reporting; and (4) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired Kingstone securities during the Class Period you may move the Court no later than August 12, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, 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 [email protected], 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.
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