Truncated text loses formatting

I always use the built in editor (easier for clients) and have truncation set to 350 characters. This client has just alerted me to the fact that truncation cause the preview (prior to clicking read more) to show without formatting. So, if the first 350 characters spans more than 1 paragraph, the preview shows the 2 paragraphs run together. Like this:

The actual blog post reads (2 paragraphs):

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

The preview (truncated to the firs 350 characters) shows:

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit...

The <p></p> has been stripped. I have seen this with other truncation features with other components, and it's not nice. Is there a way to keep formatting during truncation?