September 16, 2020 - The case was dismissed with prejudice.
August 10, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
February 18, 2020 - A motion to dismiss was filed.
December 17, 2019 - An amended complaint was filed.
June 12, 2019 - An investor in shares of Kingstone Companies, Inc. (NASDAQ: KINS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Kingstone Companies, Inc. in connection with certain allegedly false and misleading statements made between March 14, 2018 and April 29, 2019.
Kingstone, NY based Kingstone Companies, Inc., through its subsidiary, Kingstone Insurance Company, underwrites property and casualty insurance products to small businesses and individuals in New York. Kingstone Companies, Inc. reported that its annual Total Revenue rose from $92.76 million in 2017 to $113.77 million in 2018 and that its Net Income declined from $9.98 million in 2017 to $3.09 million in 2018.
Shares of Kingstone Companies, Inc. (NASDAQ: KINS) traded in early 2019 as high as over $17.00 per share.
On April 29, 2019, Kingstone Companies, Inc. 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 Companies, Inc. said it 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.
Shares of Kingstone Companies, Inc. (NASDAQ: KINS) declined to as low as $8.05 per share on June 7, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Kingstone Companies, Inc. (NASDAQ: KINS) common shares between March 14, 2018 and April 29, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 14, 2018 and April 29, 2019, the Defendants failed to disclose to investors that the Company did not adequately follow industry best practices related to claims handling, that, as a result, the Company did not record sufficient claims reserves, that the Company lacked adequate internal control over financial reporting, and 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.