Trending...
- BumblebeeSmart Introduces Rounded Busy Board Set for Preschoolers
- Operational Agility in High Demand: FOCUS Expands to Serve a Changing Insurance Market
- Uk Financial Ltd Provides Investors Of Maya Preferred & Mayacat Instructions For Upcoming First Ever Listing Of Both Erc-3643 "SEC-Ready" Tokens
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
- Escajeda Masonry & Concrete Among Pittsburgh's Fastest-Growing Companies
- New 2025–2026 Energy Rebates: Squeaks Services Explains How to Qualify
- CCHR's New Documentary Prescription for Violence Highlights Overlooked Safety Warnings
- Light Her Way Launches New Cohort of Board of AdviseHERS to Prepare Women for Board-Ready Leadership
- Men's Health Network Announces a New Feature to Support the Well-Being of Men When and Where They Are through Text Alerts
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
- Comp-U-Floor Unveils Powerful New Commercial Module
- Revenue Optics Announces the Appointment of Sonal Chowdhury as Senior Manager – Strategic Operations
- How California Convinces Buyers Not to Purchase New Cars — and How This Hurts Dealers
- Tax Fears and Political Volatility Drive Wealthy UK Residents to Consider Leaving, La Vida Survey Shows
- Titan Steel Buildings Expands Nationwide to Deliver Large Steel Warehouses and Industrial Facilities
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
- Platinum Plumbing Launches First Veteran Hot Water Heater Giveaway to Honor Local Heroes
- Cut Costs & Boost Profits with the First Major Upgrade in 30 YEARS Replacing Rotary Lasers and Historic Clear Tube Altimeter Bubbles
- Inframark Expands Its Specialized Automation and Intelligence Capabilities, Adds Dmytryka Jacobs Engineers
- Sustainable Santa Returns to Old Sacramento
- Upcoming Launch of Retail Crypto Cloud Mining Platform with Daily Rewards in a Transparent Revenue-Share Model: iMD Companies, Inc. Stock Symbol: ICBU
- BumblebeeSmart Introduces Rounded Busy Board Set for Preschoolers
- CRH Healthcare Opens 100th Urgent Care Clinic with Second Peachtree Immediate Care Location in Covington
- COHN Named Colorado State-Approved Vendor for Advertising & Marketing Services
- The Kryder Law Group, LLC Report Reveals Commercial Air Travel Is Safer Than You Think
- RTC Communications Preliminarily Awarded $3.1 Million Federal BEAD Grant to Expand Fiber Broadband in Southern Indiana
- She's Been Ready for Weeks, He Starts in the Final 72 Hours – The Great Christmas Shopping Divide
- Following a Global Sell-Out, The World's No.1 Superstar™ Unveils a Fashion Line Rebrand
- IDCXS Exchange Founder Travels to Angola for Strategic Cooperation Talks
- 2026 NBA Mock Draft: New Wave of Franchise Talent Emerges in Early Lottery Projections
- Bad Bunny Leads 2026 Grammys Album of the Year Odds, Lady Gaga Emerges as Top Challenger
- Metro Detroit teen Lola Winters turns viral TikTok fame into a sold-out clothing brand
- ReedSmith® Celebrates Innovative Founders at TCVN's Survivor™ XII at SoCal Startup Day
- The global race for next-gen precious metals recovery is accelerating: $AABB is positioning itself with it's Revolutionary rGO Gold Recovery System
- NorthSky Celebrates One-Year Anniversary
- Free At Last Bail Bonds Gives Back Through Major Holiday Food Distribution Efforts Across Metro Atlanta