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id: 870, Created by Polina Foster, Scout
James River (JRVR) Internal Control Setback Case
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S.D. New YorkCourt
- On Nov 8, 2023, James River revealed an accounting error, leading to overstatements in net income.
- $JRVR dropped 7%, wiping out $37M of its shareholder value.
- The first Investor filed a complaint against JR for concealing internal control problems.
James River revealed a financial error in its Q2 2023 statements, causing overstatements in net income and revealing internal control weaknesses.
This news caused a $JRVR fall by 7% and ~$37 million loss of market capitalization, damaging shareholders.
Given all this information, investors have reason to suspect that JRVR didn't disclose its internal control problems and misled about the financial state of the company.
Shock Event Date
08 November 2023
13 November 2023
Lead Plaintiff Deadline
12 January 2024
Hon. Lewis J. Liman