James River Group Holdings, Ltd. CLass Action Lawsuit - JRVR
Case Summary
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The James River class action lawsuit seeks to represent purchasers or acquirers of James River Group Holdings, Ltd. (NASDAQ: JRVR) securities between August 7, 2023 and November 7, 2023 (the “Class Period”). Captioned Glantz v. James River Group Holdings, Ltd., No. 23-cv-10000 (S.D.N.Y.), the James River class action lawsuit charges James River and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the James River class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the James River class action lawsuit must be filed with the court no later than January 12, 2024.
CASE ALLEGATIONS: James River is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.
The James River class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) James River lacked effective internal controls regarding the recognition of reinstatement premiums for reinsurance; (ii) as a result, James River overstated its net income; and (iii) James River was reasonably likely to restate its financial results.
The James River class action lawsuit further alleges that on November 7, 2023, 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, according to the complaint. James River further identified a material weakness in its internal control over financial reporting because James River’s “control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively,” the complaint alleges. The James River class action lawsuit alleges that on this news, the price of James River stock fell 7%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired James River securities during the Class Period to seek appointment as lead plaintiff of the James River class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the James River class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the James River class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the James River class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.