NEW YORK, June 14, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Kingstone Companies, Inc. ("Kingstone" or the "Company") (NASDAQ: KINS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Kingstone and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 29, 2019, Kingstone 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 "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, Kingstone's stock price fell $2.07 per share, or 15.13%, to close at $11.61 per share on April 30, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP