SAN DIEGO – (COMMERCIAL THREAD) –Robbins Geller Rudman & Dowd LLP announces that the buyers of common shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) between August 1, 2019 and May 5, 2021 inclusive (the “Recourse Period”) have until September 7, 2021 to request an appointment as principal applicant in the James River Group class action lawsuit. the James River Group The class action lawsuit accuses James River Group and some of its senior executives of violations of the Securities Exchange Act of 1934. James River Group The class action lawsuit was filed on July 9, 2021 in the Eastern District of Virginia and is captioned City of Fort Worth Employees Retirement Fund dba Fort Worth Employees Retirement Fund c. James River Group Holdings, Ltd., N ° 21-cv-00444.
If you wish to serve as the principal applicant of the James River Group class action, please enter your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected] The principal applicant’s requests for the James River Group The class action must be filed with the court no later than September 7, 2021.
CASE ALLEGATIONS: In 2014, James River Group strengthened its Commercial Auto division by underwriting a new type of insurance policy that covered Rasier LLC (“Rasier”), a subsidiary of the ridesharing company Uber Technologies, Inc. (in conjunction with Rasier , “Uber”).
the James River Group The class action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) the James River Group did not reserve enough for its Uber policies; (ii) the James River Group used an incorrect methodology to establish reserves which significantly underestimated the James River Group’s actual exposure to Uber claims; (iii) as a result, James River Group was forced to increase its unfavorable reserves in subsequent quarters, even after canceling Uber policies; and (iv) therefore, the defendants’ statements regarding the business, operations and prospects of James River Group were materially false and / or misleading and / or lacked reasonable basis.
On October 8, 2019, the James River Group announced that it had delivered an early termination notice for all insurance policies issued to Uber, although the James River Group remains committed to providing coverage for future claims related to the period in which the James River Group Uber policies are in effect (referred to as “runoff”). James River Group stated that “[the Uber] account ha[d] not met our profitability expectations. At this news, the James River Group share price has fallen by more than 22%.
Then, on May 5, 2021, after allegedly reassuring investors that the old contract was okay, James River Group disclosed an additional $ 170 million in adverse Uber policy reservations. In a related conference call, James River Group revealed that the increase was due to a shift from “industry data, pricing data, experience data, average loss severity data and blended methodologies” to “ only use our own experience of loss in our and the projections of incurred reserves. . . [to calculate] a better and more conservative estimate of the ultimate losses on this account. Simultaneously, to cover its losses, James River Group announced that it was seeking to raise $ 175 million through a takeover bid, which was priced at “the steepest discount ever in the world. sector “according to Bloomberg. Following this news, the James River Group share price fell a further 26%, further hurting investors.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased common stock of James River Group during the period covered by the action to seek appointment as principal plaintiff in the James River Group class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A principal applicant acts on behalf of all other class members by ordering James River Group class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. James River Group class action lawsuit. The ability of an investor to participate in any potential future recovery of the James River Group the class action is not dependent on serving as the principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit https://www.rgrdlaw.com/firm.html for more information.
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