NEW YORK, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) securities between August 7, 2023 and November 7, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired James River securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than January 12, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On November 7, 2023, after the market closed, the Company issued a press release announcing its third quarter 2023 financial results. According to the complaint, James River disclosed that “the Company identified an error in the accounting for reinstatement premium” in the previously issued financial statements for the three and six months ended June 30 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. Additionally, the Company stated that "[t]he Company's control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively as of March 31, 2023 and June 30, 2023 resulting in a material weakness in the Company’s internal control over financial reporting.” [Emphasis added.]
On this news, the Company's stock price fell $0.99 per share, or 7%, to close at $13.15 per share on November 8, 2023
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
