NEW YORK, Dec. 28, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether James River and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 7, 2023, after the market closed, the Company announced its third quarter 2023 financial results in a press release, wherein James River disclosed that it had “identified an error in the accounting for reinstatement premium . . . in its Excess & Surplus Lines segment” in the previously issued financial statements for the second quarter of 2023. Specifically, the error resulted in overstatements of net income of $7.8 million and $10.4 million for the three and six months ended June 30, 2023, respectively, as well as understatements of ceded written premium, and overstatements of net written premium and net earned premium of $9.4 million and $12.3 million for the three and six months ended June 30, 2023, respectively. Moreover, it had identified a material weakness in its internal control over financial reporting because the “Company’s control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively[.]”
On this news, the Company’s stock price fell $0.99 per share, or 7%, to close at $13.15 on November 8, 2023
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
