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June 4, 2014
08:10 EDTHCIHCI Group believes Levi & Korsinsky launched 'fishing' expedition
HCI Group released the following statement in response to a May 29 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. 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 strike suit is a lawsuit brought with the expectation the defendant will agree to a cash settlement to avoid incurring significant legal defense costs, HCI noted.
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