U.S. District Court Grants Motion To Dismiss Class Action Against James River; Allegations Of Misleading Stock Pricing And Improper Reinsurance Accounting Dropped; The Deadline For Plaintiff To File A Notice Of Appeal Is February 24, 2025

Author: Benzinga Newsdesk | January 24, 2025 05:33pm

On January 23, 2025, the U.S. District Court, Southern District of New York granted James River Group Holdings, Ltd.'s (the "Company") motion to dismiss with prejudice the purported class action lawsuit filed on November 13, 2023 on behalf of Paul Glantz against the Company and certain of its officers, asserting claims under Section 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff had alleged that he acquired the Company's common stock at artificially inflated pricing between May 2, 2023 and November 7, 2023, inclusive, and that the Company knew and/or recklessly disregarded that it had improperly accounted for reinsurance premiums and did not have effective internal control over financial reporting. The deadline for plaintiff to file a notice of appeal is February 24, 2025.

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