BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces the continuation of its investigation on behalf of Kingstone Companies, Inc. (“Kingstone” or the “Company”) (NASDAQ: KINS) investors concerning the Company and its officers’ possible violations of federal securities laws.
On April 29, 2019, the Company disclosed $2.5 million charge to its claims case reserves and $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.
If you purchased Kingstone securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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