According to the lawsuit, defendants made materially false and/or misleading statements and/or failed to disclose to investors that:
- James River lacked effective internal controls regarding the recognition of restatement premiums for reinsurance;
- as a result, James River overstated its net income;
- James River was reasonably likely to restate its financial results; and
- as a result of the foregoing, defendants’ positive statements about James River’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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