The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of James River Group Holdings, Ltd. (NASDAQ: JRVR) who purchased shares between August 1, 2019 and May 5, 2021. The action, which was filed in the United States District Court for the Eastern District of Virginia, alleges that the Company violated federal securities laws.
In particular, the James River Group lawsuit alleges that (1) James River had not adequately reserved for its Uber policies; (2) James River was using an incorrect methodology for setting reserves that materially understated the Company’s true exposure to Uber claims; (3) as a result, James River was forced to increase its unfavorable reserves in subsequent quarters even after cancelling the Uber policies; and (4) as a result of the foregoing, Defendants’ statements about James River’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until September 7, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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