OAKLAND, Calif.--(BUSINESS WIRE)--James River Group stock collapsed after the company announced it would cancel all policies issued to its largest customer, Uber subsidiary Rasier LLC. Gibbs Law Group is investigating a potential James River Class Action Lawsuit on behalf of investors who lost money in James River Group Holdings, Ltd. stock (NASDAQ: JRVR).
To speak privately with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On October 8, 2019, after market hours, James River announced that it would terminate all insurance policies with its largest customer, Uber’s commercial auto business, Rasier LLC.
J. Adam Abram, Chairman and Chief Executive Officer of James River Group Holdings, justified the move by stating:
“This account has not met our expectations for profitability, and we think it best to terminate the underwriting relationship as of year-end.”
According to MarketWatch, the Uber account comprises about 20% of the company’s trailing 12-months premiums and about 35% of trailing 12-month premiums in the excess and surplus segment.
On this news, James River’s share price fell 22.6%, to close at $37.88 on October 9, 2019.
What Should James River Investors Do?
If you invested in James River, visit our website or contact our securities team directly at (888) 410-2925 to speak privately with a securities attorney to learn how you may be able to recover your losses. Our investigation concerns whether James River Group and certain of its officers and/or directors have violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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