NEW YORK, NY / ACCESSWIRE / September 19, 2023 / 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 [email protected] 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.
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.
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SOURCE: Pomerantz LLP