James River Group Holdings, Ltd. Securities Litigation
On or around 12/06/2023 (Date of last review)
Filing Date: November 13, 2023
According to the Complaint, James River Group Holdings, Ltd. is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities. The Company owns five insurance companies based in the United States focused on specialty insurance niches as well as a Bermuda-based reinsurance company.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that James River lacked effective internal controls regarding the recognition of reinstatement premiums for reinsurance; (2) that, as a result, the Company overstated its net income; (3) that the Company was reasonably likely to restate its financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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