Press release
Lawsuit filed for Investors who lost money with shares of James River Group Holdings, Ltd. (NASDAQ: JRVR)
An investor, who purchased shares of James River Group Holdings, Ltd. (NASDAQ: JRVR), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by James River Group Holdings, Ltd. in connection with certain allegedly false and misleading statements.
Investors who purchased a significant amount of shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) between August 7, 2023 and November 7, 2023, have certain options and for certain investors are short and strict deadlines running. Deadline: January 13, 2024. 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. On November 7, 2023, James River Group Holdings, Ltd. 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[.]"
Shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) declined from $24.92 per share on March 02, 2023, to $8.15 per share on November 9, 2023.
The plaintiff claims that between August 7, 2023 and November 7, 2023, the 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.
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.
Investors who purchased a significant amount of shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) between August 7, 2023 and November 7, 2023, have certain options and for certain investors are short and strict deadlines running. Deadline: January 13, 2024. 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. On November 7, 2023, James River Group Holdings, Ltd. 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[.]"
Shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) declined from $24.92 per share on March 02, 2023, to $8.15 per share on November 9, 2023.
The plaintiff claims that between August 7, 2023 and November 7, 2023, the 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.
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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