Trending...
- Ice Melts. Infrastructure Fails. What Happens to Clean Water?
- Kilmaine Saints to Anchor St. Patrick's Day Weekend with Live Album Recording at XL Live
- Revolutionary Data Solution Transforms Health Insurance Underwriting Accuracy
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
- Platinum Car Audio LLC Focuses on Customer-Driven Vehicle Audio and Electronics Solutions
- Postmortem Pathology Expands Independent Autopsy Services in Kansas City
- Postmortem Pathology Expands Independent Autopsy Services Across Colorado
- $38 Million in U.S. Government Contract Awards Secured Through Strategic Partner. Establishing Multi-Year Defense Revenue Platform Through 2032: $BLIS
- Mecpow M1: A Safe & Affordable Laser Engraver Built for Home DIY Beginners
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
- CrashStory.com Launches First Colorado Crash Data Platform Built for Victims, Not Lawyers
- Inkdnylon Earns BBB Accreditation for Verified Business Integrity
- Josh Stout "The Western Project"
- Open House Momentum Builds at Heritage at South Brunswick
- A Celebration of Visibility, Voice and Excellence: The 57th NAACP Image Awards Golf Invitational, Presented by Wells Fargo, A PGD Global Production
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
- Integris Composites developing armor for military in Arctic Circle
- Caraline Skincare's Gentle Glow Cleansing Oil Named Finalist for Best Face Cleanser at the 2026 CertClean Clean Beauty Awards
- Workplace safety ideas from the front lines to highlight Applied Ergonomics Conference in Arlington, Texas
- ThoroughCare Appoints New Chief Executive Officer & Chief Growth Officer to Accelerate Expansion
- OpenSSL Corporation Advisory Committees' Elections 2026: Results Announcement
- Zarova Vodka Expands Its Ultra-Premium Spirits Portfolio Through Strategic Acquisitions
- The Legal AI Showdown: Westlaw, Lexis, ChatGPT… or EvenSteven?
- François Arnaud, star of Heated Rivalry, is the real-life inspiration behind Christopher Stoddard's novel At Night Only
- UK Financial Ltd Sets February 27 CATEX Debut for VENUS Coin, Opening Limited Early Access Through MayaPro Wallet
- Ice Melts. Infrastructure Fails. What Happens to Clean Water?
- Delay In Federal Disaster Assistance Causing Failure Of Small Business In Disaster Areas
- Capsadyn® Launches on Amazon, Offering Non-Burning Capsaicin Pain Relief
- Pita Chip Celebrates One Year at The Concourse at Comcast Center with Free Entrees for the Community
- When Representation No Longer Reflects the District — Why I'm Voting for Pete Verbica
- How Direct Home Buyers Are Simplifying the Selling Process for Philadelphia Homeowners
- Off The Hook YS (NY SE: OTH) Executes Transformational Apex Acquisition, Creating Vertically Integrated Marine Powerhouse with $60M Inventory Capacity
- Tri-State Area Entrepreneur Launches K-Chris: A Premium Digital Destination for Luxury Fragrances
- Why One American Manufacturer Builds BBQ Smokers to Aerospace Standards
- Diversified Roofing Solutions Strengthens Industry Leadership With Expanded Roofing Services Across South Florida
- ZRCalc™ Cinema Card Calculator Now Available for Nikon ZR Shooters