James River Group Holdings Ltd. investors fell short in alleging the commercial insurance company committed securities fraud when reporting financial information that later had to be restated, a federal court ruled Thursday.
The investors failed to show the insurer acted with fraudulent intent in submitting allegedly incorrect numbers for reinsurance premiums for the first and second quarter of 2023, Judge Lewis J. Liman said for the US District Court for the Southern District of New York. Liman dismissed the proposed class action against the company and two executives with finality.
The stock’s decline in price on Nov. 9, 2023, following ...
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