RKLY - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against James River Paycom and Rockley and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of James River Group Holdings, Ltd. (NASDAQ:JRVR), Paycom Software, Inc. (NYSE:PAYC), and Rockley Photonics Holdings Limited (NYSE:RKLY). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
James River Group Holdings, Ltd. (NASDAQ:JRVR)
Class Period: August 7, 2023 - November 7, 2023
Lead Plaintiff Deadline: January 12, 2024
James River 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.
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 ...