Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Kingstone Companies, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kingstone Companies, Inc. (“Kingstone” or the “Company”) (NASDAQ: KINS) of the August 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Kingstone stock or options between March 14, 2018 and April 29, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Kingstone securities between March 14, 2018 and April 29, 2019 (the “Class Period”). The case, Woolgar v. Kingstone Companies, Inc. No. 1:19-cv-05500 was filed on June 12, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose; (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.
Specifically, 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 $2.07 or 15.13% drop.
Kingstone Services, Inc. (KINS)
* The submission of this form does not create an attorney-client relationship.
Filed on 06/12/2019
Ticker NASDAQ: KINS
Lead Plaintiff Deadline 08/12/2019
26 days remaining
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331