BOSTON, MA / ACCESSWIRE / January 5, 2024 / A class action lawsuit has been filed against James River Group Holdings, Ltd. (NASDAQ:JRVR) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/jrvr.
What is this all about?
After the market closed on November 7, 2023, James River Group Holdings, Ltd. announced Q3 2023 financial results in which it disclosed a material weakness in its internal controls over financial reporting. The Company identified an error in the accounting for the reinstatement premium on a specialty casualty reinsurance treaty in its Excess & Surplus Lines segment.
Shares of James River Group Holdings stock dropped approximately 7% in intraday trading on November 8, 2023.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, it is alleged that Defendants misled investors by failing to disclose that: (1) James River lacked effective internal controls regarding the recognition of reinstatement premiums for reinsurance; (2) as a result, the Company overstated its net income; (3) the Company was reasonably likely to restate its financial results; and (4) 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.
Who is eligible?
Anyone who purchased James River Group Holdings, Ltd. stock between August 7, 2023 and November 7, 2023, and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is January 12, 2024. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. We have obtained, and are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
www.blockleviton.com
SOURCE: Block & Leviton LLP
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