Trending...
- Steve Everett Jr. Named President of L.T. Hampel Corporation
- Jaeigh Gallagher Records: Redefining Independent Music and Global Pop Culture
- Mark Schork Selected As 'Board Observer' By Philadelphia Bar Foundation
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
- PromptBuilder.cc Launches AI Prompt Generator Optimized For ChatGPT, Gemini, Grok & Claude
- UK Financial Ltd Advances Compliance Strategy With January 30th CATEX Exchange Listing Of Maya Preferred PRA Preferred Class Regulated Security Token
- NOW OPEN - New Single Family Home Community in Manalapan
- Kintetsu And Oversee Announce New Partnership
- Save 10 Percent Off KeysCaribbean's Newly Added Luxury Vacation Home in Marathon
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
- Why 'Instant-Liquidity' Gaming is Dominating the Nordic Tech Demographic
- STATEMENT: Shincheonji on Religious Freedom Controversy
- SheRising: Friends in Solidarity Hosts Webinar on Women in South Sudan
- Cyntexa Outlines a Principles-first Approach to Modern Enterprise Transformation
- Kickstarter And Creator Camp Partner To Support A New Era Of Creator-led Independent Film
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
- OpenSSL Corporation Opens 2026 Advisory Committees' Elections: Shape the Future!
- Steve Everett Jr. Named President of L.T. Hampel Corporation
- Acuvance Acquires ROI Healthcare Solutions, Building a Dedicated Healthcare ERP Practice
- Max Tucci Award-Winning Media Powerhouse Launches New Podcast —Executive Produced by Emmy-Winning Daytime Icons Suzanne Bass & Fran Brescia Coniglio
- MILBERT.ai Brings Real Time Session Defense to Google Workspace and Google Cloud
- Appliance Outlet Caps Off a Record-Setting 2025 Nationwide, Gears Up for Even Greater Growth in 2026
- Perry County Real Estate Agency Partners with Internet Marketing Company
- Philadelphia HVAC Companies Were Not Created Equal
- Home Prices Just Hit 5X Median Income — So Americans Are Buying Businesses Instead of Houses
- Briggs Auction's Jan. 30 online Fine Estates Auction features artworks by Hans Hoffman, Hans Coper, Lucie Rie, Loet Vanderveen
- Peak Exteriors LLC to Open First Office in East Berlin in 2026
- CCHR White Paper Urges Government Crackdown on Troubled Teen and For-Profit Psychiatric Facilities
- MoMojo Records signs Billy Thompson
- Still Searching for the Perfect Valentine's Gift? Lick Personal Oils Offers Romantic, Experience-Driven Alternatives to Traditional Presents
- Jaeigh Gallagher Records: Redefining Independent Music and Global Pop Culture
- Boston Industrial Solutions' BPA Certified BX Series Raises the Bar for Pad Printing Inks
- Boston Corporate Coach™ Sets Global Standard for Executive Chauffeur Services Across 680 Cities
- UK Financial Ltd Announces CoinMarketCap Supply Verification And Market Positioning Review For Regulated Security Tokens SMPRA And SMCAT
- Sharpe Automotive Redefines Local Car Care with "Transparency-First" Service Model in Santee
- L-Tron to Exhibit at PACK EXPO East Packaging and Processing Conference in Philadelphia, PA