To join this class action, please complete the following Investor Certification.  [contact-form-7 id=”1209″ title=”Kingstone Companies, Inc. Investor Certification”]

Oklahoma City, OK (June 17, 2019) – On June 12, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Kingstone Companies, Inc. (NASDAQ: KINS).  The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 14, 2018 through April 29, 2019.  More specifically, the Complaint alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Kingstone did not adequately follow industry best practices related to claims handling; (2) as a result, the Company did not record sufficient claims reserves; (3) the Company lacked adequate internal control over financial reporting; and (4) defendants’ positive statements about Kingstone’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

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.

Plaintiff seeks to recover damages on behalf of all Kingstone Companies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above.  You may move the Court no later than Monday, August 12, 2019 to serve as a lead plaintiff for the entire Class.  However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:  Robin Hester at rkh@federmanlaw.com