Press release
Lawsuit filed for Investors in shares of James River Group Holdings, Ltd (NASDAQ: JRVR)
A lawsuit was filed on behalf of investors in James River Group Holdings, Ltd (NASDAQ: JRVR) shares.
Investors who purchased shares of James River Group Holdings, Ltd (NASDAQ: JRVR) have certain options and for certain investors are short and strict deadlines running. Deadline: September 7, 2021. James River Group Holdings, Ltd (NASDAQ: JRVR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Bermuda based James River Group Holdings, Ltd., through its subsidiaries, provides specialty insurance and reinsurance services in the United States.
In 2014, James River ramped up its Commercial Auto Division by underwriting a new type of insurance policy that covered Rasier LLC (“Rasier”), a subsidiary of the ride-sharing company Uber Technologies, Inc. (together with Rasier, “Uber”).
On October 8, 2019, after-market, James River Group Holdings, Ltd. disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC. As a result, James River Group Holdings, Ltd incurred a "[p]re-tax, adverse development" charge of up to $60 million for the third quarter of 2019.
Shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) declined $52.18 per share on September 23, 2019 to as low as $36.42 per share on October 15, 2019.
Then, on May 5, 2021, James River Group Holdings, Ltd disclosed an additional $170 million "unfavorable development" charge as a result of a re-assessment of expected payouts on claims related to a "previously canceled account" that had been in runoff since 2019. As a result, the next day, James River also announced that it would price its previously announced underwritten public stock offering at $31 per share—representing a 33% discount from the Company's closing stock price on the previous day.
Shares of James River Group Holdings, Ltd (NASDAQ: JRVR) declined to as low as $30.75 per share on May 6, 2021.
The plaintiff claims that between August 1, 2019 and May 5, 2021, the defendants failed to disclose that James River had not adequately reserved for its Uber policies, that James River was using an incorrect methodology for setting reserves that materially understated the Company’s true exposure to Uber claims, that as a result, James River was forced to increase its unfavorable reserves in subsequent quarters even after cancelling the Uber policies, and that as a result of the foregoing, Defendants’ statements about James River’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Those who purchased shares of James River Group Holdings, Ltd (NASDAQ: JRVR) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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