TAMPA, Fla., June 4, 2014 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) has released the following statement in response to a May 29, 2014 announcement by plaintiff's law firm Levi & Korsinsky that the firm has launched an investigation into the company:
HCI Group endeavors to comply fully with applicable law and is aware of no basis for an investigation of the company by any law firm. HCI believes Levi & Korsinsky has launched a "fishing" expedition in hopes of finding plaintiffs to initiate a strike suit from which Levi & Korsinsky would profit at the expense of HCI shareholders.
A strike suit is a lawsuit brought with the expectation the defendant will agree to a cash settlement to avoid incurring significant legal defense costs.
Levi & Korsinsky is prolific in announcing investigations. During 2014, the firm has issued 75 nearly identical press releases under the headline "SHAREHOLDER ALERT," often several in a single day, according to HCI Group.
A full list of Levi & Korsinsky announcements is available here.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners' insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." For more information about HCI Group, visit www.hcigroup.com.
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Source:HCI Group, Inc.