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8-K - CURRENT REPORT - KINGSTONE COMPANIES, INC. | kins-20201231.htm |
Exhibit 99.1
Kingstone Companies, Inc.
Headline: Kingstone Announces Dismissal of Complaint in
Putative Class Action
Date: 08-11-2020
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complete listing of our press releases, please click here
KINGSTON,
N.Y.--(BUSINESS WIRE)-- Kingstone
Companies, Inc. (Nasdaq: KINS) (the “Company” or
“Kingstone”), a Northeast regional property and
casualty insurance holding company, today announced that the United
States District Court for the Southern District of New York has
granted the defendants' motion to dismiss the amended complaint in
the putative securities class action suit originally commenced in
2019 against the Company and certain current and former officers
and directors, captioned Woolgar
v. Kingstone Companies et al., 19 cv 05500 (S.D.N.Y.).
Plaintiff sought to represent a class of persons or entities that
purchased Kingstone securities between March 14, 2018 and April 29,
2019, and alleged violations of the federal securities law in
connection with, among other things, the Company’s loss
reserves in light of the April 29, 2019 announcement regarding
losses related to winter catastrophe events. The Court has
permitted plaintiff to amend the complaint to attempt to cure the
deficiencies identified by the Court in its opinion (to the extent
plaintiff has a good faith basis to do so). The amended complaint,
if any, would need to be filed by September 11, 2020.
About Kingstone Companies, Inc.
Kingstone
is a Northeast regional property and casualty insurance holding
company whose principal operating subsidiary is Kingstone Insurance
Company (“KICO”). KICO is a multi-line carrier writing
business through retail and wholesale agents and brokers. KICO
offers primarily personal lines insurance products, as well as
Physical Damage Only coverage to taxi, limousine, and
transportation network vehicle owners in New York State. Actively
writing in New York, New Jersey, Rhode Island, Massachusetts, and
Connecticut, Kingstone is also licensed in Pennsylvania, New
Hampshire and Maine.
Forward-Looking Statements
Statements
in this press release may contain “forward-looking
statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, may be forward-looking statements.
These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These statements involve risks and uncertainties
that could cause actual results to differ materially from those
included in forward-looking statements due to a variety of factors.
For more details on factors that could affect expectations, see
Part I, Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2019 under “Factors That May Affect Future
Results and Financial Condition” and Part II, Item 1A of our
Quarterly Report on Form 10-Q for the period ended June 30, 2020,
to be filed with the Securities and Exchange Commission. Kingstone
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
View source version on
businesswire.com: https://www.businesswire.com/news/home/20200811005516/en/
Kingstone Companies, Inc.
Amanda
M. Goldstein
Investor
Relations Director
(516)
960-1319
Source:
Kingstone Companies, Inc.