Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against James River Group, Orphazyme, Full Truck, and Kanzhun and Encourages Investors to Contact the Firm
NEW YORK, July 14, 2021 (GLOBE NEWSWIRE) -- , July 14, 2021 - 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). 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 1, 2019 and May 5, 2021
Lead Plaintiff Deadline: September 7, 2021
On October 8, 2019, after the market closed, James River disclosed that it had delivered a notice of early cancellation of all policies issued to its largest customer, Rasier LLC.
On this news, the Company’s share price fell $11.06, or over 23%, to close at $37.88 per share on October 9, 2019, thereby injuring investors.
Then, on May 5, 2021, James River announced its first quarter 2021 financial results, reporting "$170.0 million of unfavorable development in Commercial Auto, primarily driven by a previously canceled account that has been in runoff since 2019." According to Bloomberg, the Company announced that it was seeking to raise $175 million through public equity offering, which was priced at "the sector’s steepest discount ever."
On this news, the Company’s share price fell $12.27, or 26%, to close at $34.23 per share on May 6, 2021, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) James River had not adequately reserved for its Uber policies; (2) James River was using an incorrect methodology for setting reserves that materially understated the Company’s true exposure to Uber claims; (3) as a result, James River was forced to increase its unfavorable reserves in subsequent quarters even after cancelling the Uber policies; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Class Period: September 29, 2020 and June 18, 2021
Lead Plaintiff Deadline: September 7, 2021
On March 29, 2021, Orphazyme issued a press release “announc[ing] its phase 2/3 trial evaluating arimoclomol for the treatment of [IBM] … did not meet its primary and secondary endpoints. On this news Orphazyme’s American depositary share (“ADS”) price fell $3.59 per ADS, or 28.97%, to close at $8.80 per ADS on March 29, 2021.
On May 7, 2021, Orphazyme issued a press release “announc[ing] topline data from pivotal trial of arimoclomol in [ALS.]” The press release disclosed that the Company’s “pivotal trial…did not meet its primary and secondary endpoints to show benefit in people living with ALS.” On this news, Orphazyme’s ADS price fell $2.81 per ADS, or 32.83%, to close at $5.75 per ADS on May 7, 2021.
Then, on June 18, 2021, Orphazyme issued a press release announcing receipt of a Complete Response Letter (“CRL”) from the FDA following the agency’s review of the NDA for arimoclomol for the treatment of NPC. The press release disclosed that the FDA had rejected the arimoclomol NDA for NPC.
On this news, Orphazyme’s ADS price fell $7.23 per ADS, or 49.66%, to close at $7.33 per ADS on June 18, 2021.
The complaint alleges that, in the Company’s September 3, 2020 registration statement (the “Registration Statement”) and throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Registration Statement and defendants made false and/or misleading statements and/or failed to disclose that: (i) arimoclomol was not as effective in treating Inclusion Body Myositis (“IBM”) as defendants had represented; (ii) arimoclomol was not as effective in treating Amyotrophic Lateral Sclerosis (“ALS”) as defendants had represented; (iii) the arimoclomol new drug application (“NDA”) for Niemann-Pick disease type C (“NPC”) was incomplete and/or required additional evidence to support the benefit-risk assessment of that NDA; (iv) as a result of (iii), the FDA was unlikely to approve the arimoclomol NDA for NPC in its present form; (v) the Company’s overall business prospects, as well as arimoclomol’s commercial prospects, were significantly overstated; and (vi) as a result, the Registration Statement and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
On or about June 22, 2021, FTA sold about 82.5 million American Depositary Shares (“ADSs”) in its IPO for $19 per ADS, raising nearly $1.6 billion in new capital.
On July 5, 2021, FTA reported that the Company was subject to a review by the Cyberspace Administration of China (“CAC”) and that “FTA’s Yunmanman apps and Huochebang apps . . . are required to suspend new user registration in China during the review period.”
On this news, the Company’s ADS price declined by $1.27 per ADS, or approximately 6.7%, from $19.02 per ADS on July 2, 2021 to close at $17.75 per ADS on July 6, 2021, which is approximately 6.6% below the IPO price, thereby injuring investors.
The complaint alleges that the Registration Statement was materially false and/or misleading and/or failed to disclose that: (i) FTA’s apps Yunmanman and Huochebang would face an imminent cybersecurity review by the CAC; (ii) the CAC would require FTA to suspend new user registration; (iii) FTA needed to conduct a “comprehensive self-examination of any cybersecurity risks”; (iv) FTA needed to “continue to improve its cybersecurity systems and technology capabilities”; and (v) as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
In June 2021, Kanzhun sold about 48 million American Depositary Shares (“ADSs” or “shares”) in its initial public offering (the “IPO”) for $19 per share, raising nearly $912 million in new capital.
On July 5, 2021, Kanzhun announced that the Company was subject to a review by the Cyberspace Administration of China (“CAC”) and that, during the review period, Kanzhun’s “‘BOSS Zhipin’ app is required to suspend new user registration in China.”
On this news, the Company’s ADS price fell $5.79 per ADS, or 15%, to close at $30.52 per ADS on July 6, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Kanzhun would face an imminent cybersecurity review by the Cyberspace Administration of China (the “CAC”); (2) the CAC would require Kanzhun to suspend new user registration on its BOSS Zhipin app; (3) Kanzhun needed to conduct a comprehensive examination of cybersecurity risks; (4) Kanzhun needed to enhance its cybersecurity awareness and technology capabilities; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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