LOS ANGELES, Nov. 20, 2023 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 12, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) securities between August 7, 2023 and November 7, 2023 inclusive (the “Class Period”).
If you suffered a loss on your James River investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/James-River-Group-Holdings-Ltd-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On November 7, 2023, after the market closed, the Company announced its third quarter 2023 financial results in a press release, wherein James River disclosed that it had “identified an error in the accounting for reinstatement premium . . . in its Excess & Surplus Lines segment” in the previously issued financial statements for the second quarter of 2023. Specifically, the error resulted in overstatements of net income of $7.8 million and $10.4 million for the three and six months ended June 30, 2023, respectively, as well as understatements of ceded written premium, and overstatements of net written premium and net earned premium of $9.4 million and $12.3 million for the three and six months ended June 30, 2023, respectively. Moreover, it had identified a material weakness in its internal control over financial reporting because the “Company’s control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively[.]”
On this news, the Company’s share price fell $0.99, or 7%, to close at $13.15 on November 8, 2023, on unusually heavy trading volume.
The complaint filed in this class action 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: (1) that James River lacked effective internal controls regarding the recognition of reinstatement premiums for reinsurance; (2) that, as a result, the Company overstated its net income; (3) that the Company was reasonably likely to restate its financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired James River securities during the Class Period, you may move the Court no later than January 12, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
