San Diego, CA — (SBWIRE) — 06/07/2021 — Certain directors of James River Group Holdings, Ltd. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain James River Group Holdings, Ltd. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Bermuda based James River Group Holdings, Ltd., through its subsidiaries, provides specialty insurance and reinsurance services in the United States. On October 8, 2019, after-market, James River Group Holdings, Ltd. disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC. As a result, James River Group Holdings, Ltd incurred a “[p]re-tax, adverse development” charge of up to $60 million for the third quarter of 2019.
Shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) declined $52.18 per share on September 23, 2019 to as low as $36.42 per share on October 15, 2019.
Then, on May 5, 2021, James River Group Holdings, Ltd 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.
Shares of James River Group Holdings, Ltd (NASDAQ: JRVR) declined to as low as $30.75 per share on May 6, 2021.
Those who purchased shares of James River Group Holdings, Ltd. (NASDAQ: JRVR) have certain options and should contact the Shareholders Foundation.
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