NEW YORK, Oct. 9, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of American Coastal Insurance Corporation ("ACI" or the "Company") (NASDAQ: ACIC). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether ACI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 21, 2023, ACIC issued a press release stating that it "has identified certain errors related to the reporting of discontinued operations for the previously issued unaudited condensed consolidated financial statements for the three months ended March 31, 2023, which errors had the effect of understating the net income for the three months ended March 31, 2023 by approximately $6.4 million. These errors were discovered in the course of preparing the Company's interim financial statements for the fiscal quarter ended June 30, 2023, and included errors in the Company's accounting for income tax expense primarily relating to the deconsolidation of the Company's former subsidiary, United Property & Casualty Insurance Company." Accordingly, ACI determined that the statements at issue should no longer be relied upon. On this news, ACI's stock price fell sharply on August 22, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
