Investigation announced for Investors in shares of American Coastal Insurance Corporation (NASDAQ: ACIC) over possible Violations of Securities Laws

An investigation was announced for investors of American Coastal Insurance Corporation (NASDAQ: ACIC) shares over potential securities laws violations by American Coastal Insurance Corporation.

Investors who purchased shares of American Coastal Insurance Corporation (NASDAQ: ACIC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by American Coastal Insurance Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Saint Petersburg, FL based American Coastal Insurance Corporation operates as a property and casualty insurance holding company that sources, writes, and services residential personal and commercial property, and casualty insurance policies in the United States.

American Coastal Insurance Corporation reported that its annual Total Revenue declined from $634.52 million in 2021 to $455.42 million in 2022, and that its Net Loss increased from $57.91 million in 2021 increased to $467.99 million in 2022.

On August 21, 2023, American Coastal Insurance Corporation 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 [American Coastal's] interim financial statements for the fiscal quarter ended June 30, 2023, and included errors in [American Coastal's] accounting for income tax expense primarily relating to the deconsolidation of [American Coastal's] former subsidiary, United Property & Casualty Insurance Company." Accordingly, American Coastal determined that the statements at issue should no longer be relied upon.

Shares of American Coastal Insurance Corporation (NASDAQ: ACIC) declined from $8.75 per share on August 10, 2023, to as low as $6.80 per share on August 28, 2023.

Those who purchased shares of American Coastal Insurance Corporation (NASDAQ: ACIC) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.