Kessler Topaz Meltzer & Check, LLP Announces Investor Securities Fraud Class Action Lawsuit Filed Against James River Group Holdings, Ltd. – JRVR |

RADNOR, Penn., July 14, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP announces that James River Group Holdings, Ltd. (NASDAQ: JRVR) a class action lawsuit for securities fraud has been filed (“James River“) on behalf of those who have bought or acquired James River Common stock between August 1, 2019 and May 5, 2021, including (the “Class Period”).

Deadline reminder: Investors who have bought or acquired James River Common stock during the class period, not later than September 7, 2021to be appointed as the group’s lead plaintiff. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to [email protected]; or click https://www.ktmc.com/james-river-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=james_river

James River is a holding company that owns and operates a group of specialty insurance and reinsurance companies. Its largest segment, Excess and Surplus (“E&S”) Lines Insurance, focuses on policyholders who are generally unable to obtain insurance from standard line insurers due to perceived risks associated with their business. In these segments of E&S Lines is included James Rivers Commercial Cars Department. In 2014, James River built its Commercial Auto Division by entering into a novel insurance policy covering Rasier LLC (“Razor”), a subsidiary of rideshare company Uber Technologies, Inc. (together with Razor, “Uber”). Up until that point, ridesharing insurance only covered damage incurred while ridesharing passengers for Uber, registered with the Uber applications and available to take a ride. Uber was James Rivers largest contract and accounted for more than 25% of premiums in 2019.

The class period begins on August 1, 2019, the day after James River issued a press release after the market closed, in which of an “unfavorable reserve development of $ 2.3 million compared to an unfavorable reserve development of $ 2.2 million in the previous year “, which included $ 1.2 million the unfavorable reserve development in the E&S Lines segment. At the beginning of the class action period, the defendants reassured investors that James River was sufficiently reluctant to follow its Uber policy and that the defendants were “comfortable” with it James Rivers E&S Lines reserves. However, after the market closed, October 8, 2019, James River announced that it has given early termination with effect December 31, 2019, but for all insurance policies issued to Uber James River Contract would remain to cover future claims related to the period that the Uber policies were in effect. During the class action period, the defendants repeatedly reassured investors that the old contract did not pose any challenges James River.

The truth was revealed on May 5, 2021 when James River surprised the market by announcing another one $ 170 million of unfavorable reserves related to the Uber policies. To cover his losses James River announced that it would look for an increase $ 175 million through a public offering of shares valued at the “highest discount in the sector ever” according to Bloomberg.

After this news, James Rivers Share price has fallen $ 12.27 per share or 26.83% from a closing price of $ 46.50 per share May 5, 2021 at a closing price of $ 34.23 per share May 6, 2021.

The complaint alleges that during the class action period the defendants failed to disclose: (1) James River hadn’t reserved adequately for his Uber policies; (2) James River used an incorrect provisioning method that significantly underestimated the real risk of Uber claims; (3) as a result, James River was forced to increase its unfavorable reserves in subsequent quarters, even after the Uber policy was lifted; and (4) as a result, defendants’ statements about James Rivers Deals, operations and prospects were materially false and misleading and / or unfounded.

James River investors can, not later than September 7, 2021, attempt to be appointed as lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or they may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be named as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of those of other class members and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.

Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, recovering billions of dollars on behalf of institutional and private investors The United States and all over the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices to the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topas Meltzer & Check, LLP

James Maro, Jr., Esq.

Adrienne Bell, Esq.

280 König-von-Preußen-Strasse

Radnor, PA 19087

(844) 887-9500 (toll free)

[email protected]

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SOURCE Kessler Topas Meltzer & Check, LLP

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