I’m having this same problem, now, with WordPress 4.4.1 and theme SG SimpleVersion: 1.2 (and also when I switch to twentysixteen).
When a user is not logged in, all <p> tags are stripped (missing!) from the “teaser” content above the <–more–> tag. (Looks ugly, IMO).
When the user logs in, then then everything looks as it was intended.
I’ve found that I can still “hack” some line breaks using a
tag in the text editor as a semi-workaround, but this is rather ugly, too, in that those
tags cause rendering of extra blank lines when the user logs in.
website is here: http://getyoung.club
registration is free so you can join to see member’s view as contrasted with non-logged-in view.