Portnoy Law: Lawsuit Filed On Behalf of James River Group Holdings, Ltd. Investors
to join the case
LOS ANGELES, July 14, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of James River Group Holdings, Ltd. (“James River” or “the Company”) (NASDAQ : JRVR) investors that acquired securities between August 1, 2019 and May 5, 2021.
After the market closed, on October 8, 2019, James River disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC. On October 9, 2019, James River’s share price fell $11.06, or over 23%, on this news, to close at $37.88 per share, 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.”
James River’s share price fell $12.16, or 26%, on this news, to close at $33.94 per share on May 6, 2021, thereby injuring investors further.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar