LOS ANGELES–(BUSINESS WIRE)–$KINS #CLASSACTION—Glancy
Prongay & Murray LLP (“GPM”) announces that it has filed a class
action lawsuit in the United States District Court for the Southern
District of New York, captioned Woolgar v. Kingstone Companies, Inc.
et al., (Case No. 1:19-cv-05500), on behalf of persons and entities
that purchased or otherwise acquired Kingstone Companies, Inc. (NASDAQ: KINS)
(“Kingstone” or the “Company”) securities between March 14, 2018 and
April 29, 2019, inclusive (the “Class Period”). Plaintiff pursues
claims under the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of
this notice to move the Court to serve as lead plaintiff in this
action.
If you are a shareholder who suffered a loss, click here
to participate.
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 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 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 Company’s 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 Company’s business,
operations, and prospects were materially misleading and/or lacked a
reasonable basis.
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If you purchased Kingstone securities during the Class Period, you may
move the Court no later than 60 days from the date of this notice to
ask the Court to appoint you as lead plaintiff. To be a member of the
Class 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. 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, 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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
