American Coastal Insurance Corporation (ACIC)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of American Coastal Insurance Corporation (“ACI” or “the Company”) (NASDAQ: ACIC). Investors who purchased ACI securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether ACI has violated federal securities laws.
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.
If you are aware of any facts relating to this investigation or purchased ACI securities, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
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