Benzinga | Aug 11, 2020 09:21AM EDT

Kingstone Reports Dismissal Of Complaint In Putative Class Action Suit

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.