EQUITY ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of James River Group Holdings, Ltd.
New York, New York--(Newsfile Corp. - May 28, 2021) - Levi & Korsinsky notifies investors that it has commenced an investigation of James River Group Holdings, Ltd. ("James River Group" or the "Company") (NASDAQ: JRVR) concerning possible violations of federal securities laws.
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On October 8, 2019, James River announced that it had canceled all insurance policies issued to Rasier and its affiliates, which placed the entire account in runoff. As a result, the Company incurred a "[p]re-tax, adverse development" charge of up to $60 million for the third quarter of 2019. On this news, James River's stock price declined $11.06 per share, or approximately 23%.
Then later, on May 5, 2021, James River disclosed an additional $170 million "unfavorable development" charge as a result of a re-assessment of expected payouts on claims related to a "previously canceled account" that had been in runoff since 2019. As a result, the next day, James River also announced that it would price its previously announced underwritten public stock offering at $31 per share-representing a 33% discount from the Company's closing stock price on the previous day.
On this news, James River's stock price declined $12.27 per share, or over 26%, to close at $34.23 on May 6, 2021. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
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