JRVR INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit ...
NEW YORK, July 12, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) from August 1, 2019 through May 6, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of Virginia alleges violations of the Securities Act of 1934.
If you purchased James River securities, and/or would like to discuss your legal rights and options please visit James River Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose 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 its true exposure to Uber claims; (3) as a result, the Company was forced to increase its unfavorable reserves in subsequent quarters, even after cancelling the Uber policies; and (4) 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.
On October 8, 2019, James River disclosed it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC, a subsidiary of Uber. On this news, James River’s stock price fell $11.06 per share, or over 23% to close at $37.88 per share on October 9, 2021. On May 5, 2021, the Company announced its first quarter 2021 financial results, reporting $170 million of “unfavorable development in Commercial Auto, primarily driven by a previously canceled account that has been in runoff since 2019.” On this news, James River’s stock price fell over 26% per share to close at $33.94 per share on May 6, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than September 7, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased James River securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/jamesrivergroupholdingsltd-jrvr-shareholder-class-action-lawsuit-fraud-stock-411/apply/ or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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