Trending...
- Wala Blegay to Announce Run for Congress in Maryland's 5th District on Feb. 4
- Luxury Lake-View Home Launches in Kissimmee's Bellalago community, Offering Privacy, Space, and Florida Resort-Style Living
- Market Value Enhancement From 2 Important New US Patents Issued for Strengthening Hair Enzyme Booster Technology to Caring Brands (NAS DAQ: CABR)
BENSALEM, Pa., July 23, 2021 /PRNewswire/ -- Law Offices of Howard G. Smith reminds investors of the upcoming September 7, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased James River Group Holdings, Ltd. ("James River" or the "Company") (NASDAQ: JRVR) common stock between August 1, 2019 and May 5, 2021, inclusive (the "Class Period").
Investors suffering losses on their James River investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On October 8, 2019, after the market closed, James River disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC.
On this news, the Company's share price fell $11.06, or over 23%, to close at $37.88 per share on October 9, 2019, thereby injuring investors.
Then, on May 5, 2021, James River announced its first quarter 2021 financial results, reporting "$170.0 million of unfavorable development in Commercial Auto, primarily driven by a previously canceled account that has been in runoff since 2019." According to Bloomberg, the Company announced that it was seeking to raise $175 million through public equity offering, which was priced at "the sector's steepest discount ever."
More on The PennZone
On this news, the Company's share price fell $12.27, or 26%, to close at $34.23 per share on May 6, 2021, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) James River had not adequately reserved for its Uber policies; (2) James River was using an incorrect methodology for setting reserves that materially understated the Company's true exposure to Uber claims; (3) as a result, James River was forced to increase its unfavorable reserves in subsequent quarters even after cancelling the Uber policies; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired James River common stock during the Class Period, you may move the Court no later than September 7, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
More on The PennZone
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
SOURCE Law Offices of Howard G. Smith
Related Links
http://www.howardsmithlaw.com/
Investors suffering losses on their James River investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On October 8, 2019, after the market closed, James River disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC.
On this news, the Company's share price fell $11.06, or over 23%, to close at $37.88 per share on October 9, 2019, thereby injuring investors.
Then, on May 5, 2021, James River announced its first quarter 2021 financial results, reporting "$170.0 million of unfavorable development in Commercial Auto, primarily driven by a previously canceled account that has been in runoff since 2019." According to Bloomberg, the Company announced that it was seeking to raise $175 million through public equity offering, which was priced at "the sector's steepest discount ever."
More on The PennZone
- Dr. Billy B. Laun II Addresses Over 120 Dental Professionals at Annual Dental Meeting
- CCHR: Taxpayer Billions Wasted on Mental Health Research as Outcomes Deteriorate
- Digital Efficiency Consulting Group (DECG) Officially Launches
- Work 365 Delivers Purpose-Built Revenue Operations for Microsoft Cloud for US Government
- Meridianvale Unveils QarvioFin Public Beta: The First 'Glass Box' AI Operating System for Autonomous Finance
On this news, the Company's share price fell $12.27, or 26%, to close at $34.23 per share on May 6, 2021, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) James River had not adequately reserved for its Uber policies; (2) James River was using an incorrect methodology for setting reserves that materially understated the Company's true exposure to Uber claims; (3) as a result, James River was forced to increase its unfavorable reserves in subsequent quarters even after cancelling the Uber policies; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired James River common stock during the Class Period, you may move the Court no later than September 7, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
More on The PennZone
- Mend Colorado Launches Revamped Sports Performance Training Page
- Authoress S.E. Gregg Offers Gold-Signed Copies in 2026"
- Parkway Prosthodontics Achieves Breakthrough Full-Arch Reconstruction Case
- Postmortem Pathology Expands to Phoenix: Bringing Families Answers During Their Most Difficult Moments
- Blasting Off with Space Sector Companies: Artemis II Manned Moon Mission is Set to Launch: Could $ASTI be on the Same Rocket Ride as $ASTS & $LUNR?
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
SOURCE Law Offices of Howard G. Smith
Related Links
http://www.howardsmithlaw.com/
Filed Under: Business
0 Comments
Latest on The PennZone
- Chronic Boss Awards Scholarships to Student Founders Living with Chronic Conditions
- Nest Finders Property Management Named #1 in Jacksonville and Ranked #99 Nationwide
- Nashville International Chopin Piano Competition Launches First Amateur Edition
- Anatomy Naturals Earns Industry Recognition for Small-Batch Botanical Skincare
- Market Value Enhancement From 2 Important New US Patents Issued for Strengthening Hair Enzyme Booster Technology to Caring Brands (NAS DAQ: CABR)
- Dr. Billy Laun Will Be Attending An Advanced Airway Management Course by AIME
- Scranton Fringe Launches "Social Media for Performing Artists" A Four-Week Workshop Series
- HELM Audio™ Partners with PQCrypto to Future-Proof Children's Hearing and Safety Data Using Post-Quantum Cryptography
- Wala Blegay to Announce Run for Congress in Maryland's 5th District on Feb. 4
- IDI Consulting Launches IDI AI, Enterprise-Level AI Services Built for Production, Scale, and ROI
- Luxury Lake-View Home Launches in Kissimmee's Bellalago community, Offering Privacy, Space, and Florida Resort-Style Living
- Sleep Basil Launches Revamped Diamond Mattress Collection Page, Highlighting Performance, Craftsmanship, and Personalized Comfort
- Sleep Basil Curates a Clearer Brooklyn Bedding Experience for Performance-Minded Denver Sleepers
- Nevada Man Launches Nationwide Animal Abuse Registry
- Star-powered Kappa Takeover Weekend Returns to the DMV June 18- 21, 2026, Hosted By Comedian Joe Clair W/ Dj Quick Silva (the Party Kingpin)
- Scoop Social Co. Wins The Knot and WeddingWire Awards as Brand Expands Nationwide
- Denise Murphy Lenci Promoted to Century Fasteners Corp. – General Manager, Northeast Sales
- TiNY Puts Real Pets on the Payroll for New PetArmor Campaign
- P‑Wave Classics Launches Definitive New Edition of Hannah Webster Foster's The Coquette
- Strategic Expansion with 3 New Alliances — Jefferson Beach Yacht Sales, CFR YS & flyExclusive Incentive Partnership: Off The Hook YS: (N Y S E: OTH)