Trending...
- RAS AP Consulting Signals Growth of Managed AP Governance With Digital Expansion, Pipeline Activation, and Trademark Filing Ahead of Esker All Access
- Award-Winning Author's New Timely Book "Philly Girl" Highlights Centuries of Brave & Bold Women from Philadelphia
- Work 365 Deepens TD SYNNEX Integration with Automated Azure Billing
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
- Parents No Longer Have to Wait 3 Weeks for a Sleep Consultant: Nora Talks Tonight, Stays for 5 Days, Costs $89
- May The Worst Team Win! Loserball Kicks Off Another NFL Season of Hilarious Mayhem
- Black Women Living With, and Impacted by, HIV Express Gratitude, Grief, Joy, and Resilience
- MainConcept Easy Video API Extends Full Transcoding to Arm and NETINT VPUs
- Cruxy shortlisted for two Private Equity Wire® US Awards 2026: Advisory Firm of the Year (Overall) & Value Creation Consulting Firm of the Year
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
- September Is Healthy Aging® Month Announces 2026 Theme: "Curiosity Has No Age Limit"
- Lake Norman Philharmonic - Free Community Concert
- Amaris Mint® Confirms UK Availability of Swedish-Made BioBoost Daily Nutrition Range
- Sea Tales Strengthens U.S. Leadership Team as Retail Expansion Accelerates
- Patented Foodservice Products Company with Strong Gross Margins and Substantial Two-Year Revenue Growth Hits Market for $1.6 Million
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
- VC Fast Pitch and Steamwork Ventures Bring Startup & Investor Networking Event to Santa Barbara on October 8
- Volant Announces Major Partnership with the STEM Racing Canada Program to CHAMPION YOUTH ENGINEERING
- Badanamu and Friends Live Brings Hit Animated Series to Stages Across the United States
- 54 Million Contract. New Chapter as AI Cybersecurity Platform Expands, Margins Surge & Management Signals Confidence. Cycurion, Inc: (NAS DAQ: CYCU)
- MommyAndMe.club Expands Parent-Child Class Directory to All 50 States and Washington, D.C
- Work 365 Deepens TD SYNNEX Integration with Automated Azure Billing
- Award-Winning Author's New Timely Book "Philly Girl" Highlights Centuries of Brave & Bold Women from Philadelphia
- RAS AP Consulting Signals Growth of Managed AP Governance With Digital Expansion, Pipeline Activation, and Trademark Filing Ahead of Esker All Access
- National Nonprofit Lights 200 Landmarks Pink and Blue for Pregnancy and Infant Loss Awareness Month
- Vegan Kingz Unveils Upgraded Digital Platform to Streamline Commercial Foodservice & Wholesale Ordering
- Steve Thompson Launches StickyHealth to Tackle the Retention Gap in the Growing GLP 1 Market
- Qscription Technologies Appoints Dr. Kimberly Beavers as Founding Clinical Advisor
- When Hope Feels Gone, Death2life Is Still Here!
- Sebastian Stroeller Publishes "The MAP Language Canon" — The Complete Practitioner's Guide to Structural Conversation
- OneVizion Appoints Zebra Technologies CIO Matt Ausman to Board of Directors
- GLADYS Magazine Celebrates their 18 Year Anniversary!
- New Townhome Building Released at Heritage at South Brunswick, Offering Private Perimeter Setting and Water Views
- Comics Veteran on Return of Teenage Mutant Ninja Turtles Characters, 3-D Projects, Collaboration with Original 'Star Wars' Toy Engineer
- Flexible Plan Investments Announces Retirement of Executive Vice President Renée Toth
- Sensory Education launches new neuro-affirming psychoeducation book, Sensory Diversity