Trending...
- THE OIL TRUTH: They Never Wanted Us To Remember: How Engineered Scarcity Kept America In Chains For Generations
- Your Local Pro Expands National Service Network to 273+ Locations Across Plumbing, Cleaning, Landscaping and Hydrovac
- Lunai Bioworks (N A S D A Q: LNAI) Takes Parkinson's Discovery to the Next Level With Exclusive Tanaist Agreement
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
- Derek Cook's Roofing Encourages Homeowners to Prepare for Fall Weather
- Boston Industrial Solutions Expands Product Offering with Pad Printing Pads and Silicone for Custom Pad Manufacturing
- Rodeo FX Originals Appoints Yvann Thibaudeau Head of Development & IP
- Phoenix 5/7 Emerges as a Genre-Fluid Artist Collective
- Massage Revolution Expands to Santa Monica With New Wilshire Boulevard Location
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
- "Warrior Defined" Event Brings Men Together in Charlotte, With Calls for Events Across the U.S
- Dion Abadi Publishes Free Collector Tips Hub for Art and Jewelry Buyers
- World-Renowned Body Language Expert Mark Bowden Headlines INSPIRE Northwest 2026 in Wenatchee, WA
- ASN Software Introduces New California CARS Act Dealer Updates
- USA Air Management Marks 30 Years of Air Duct Cleaning in NJ Urges Homeowners to Schedule Dryer Vent Cleaning Before Heating Season
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/
0 Comments
Latest on The PennZone
- Vegan Chef KESS Celebrates Parade.com Feature and Expands Into Wedding Catering
- Port St. Lucie REALTOR® Irene Pernice Earns SFR® Certification
- AMR and UAS Take the Stage at WorldSkills Shanghai 2026
- Benchmark International Facilitated the Trans of P&Ro Solutions Group and FOCUS Learning Corporation
- Biophysical Therapeutics brings longevity science to skincare with its new IF1 brand
- JoCa's Echoes of Haworth Sells Out on Opening Night in Mexico City; Artist Heads to San Luis Potosí and Miami Art Week
- Home2 Suites by Hilton Lee's Summit, MO Opens to Guests
- Shanghai Chengwei Semiconductor Equipment Launches High Precision Laboratory Central Gas Supply System
- Your Local Pro Expands National Service Network to 273+ Locations Across Plumbing, Cleaning, Landscaping and Hydrovac
- YWCA Hanover to Host Ribbon Cutting for New Children's Learning Academy
- Acuvance Coker Study Finds Experience, Not Supply, Is the Biggest Advanced Practice Provider Workforce Challenge
- Uk Financial Moonshot Token™ Robinhood-chain Goes Live On Tokpie Exchange Tomorrow, With Solana Side Of UKFLMS To Follow In Global Listing Expansion
- THE OIL TRUTH: They Never Wanted Us To Remember: How Engineered Scarcity Kept America In Chains For Generations
- Solid Earth's new "Welcome to Real Estate" campaign introduces RealtyID™: Know Before Your Open the Door
- Keystone Consulting Engineers Expands into Brodheadsville, Strengthening Regional Engineering
- Radio Drive's New Album Walk With Me Delivers Two GRAMMY® Submissions Across Rock and Alternative Categories
- Kaplan Morrell and Attorney Jacqui Condon Selected to Represent Professional Women's Soccer Players in Workers' Compensation Matters
- ClearSight Therapeutics Receives NIH SBIR Phase I Award for Conjunctivitis and EKC Research
- Lunai Bioworks (N A S D A Q: LNAI) Takes Parkinson's Discovery to the Next Level With Exclusive Tanaist Agreement
- Revenue Optics Names Prat Patibandla Director of Growth Marketing