NEW YORK, Jan. 06, 2024 (GLOBE NEWSWIRE) -- 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), Acelyrin, Inc. (NASDAQ: SLRN), and Beauty Health Company (NASDAQ: SKIN). 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 7, 2023 - November 7, 2023
Lead Plaintiff Deadline: January 12, 2024
James River is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities. The Company owns five insurance companies based in the United States focused on specialty insurance niches as well as a Bermuda-based reinsurance company.
On November 7, 2023, after the market closed, the Company announced its third quarter 2023 financial results in a press release, wherein James River disclosed that it had “identified an error in the accounting for reinstatement premium . . . in its Excess & Surplus Lines segment” in the previously issued financial statements for the second quarter of 2023. Specifically, the error resulted in overstatements of net income of $7.8 million and $10.4 million for the three and six months ended June 30, 2023, respectively, as well as understatements of ceded written premium, and overstatements of net written premium and net earned premium of $9.4 million and $12.3 million for the three and six months ended June 30, 2023, respectively. Moreover, it had identified a material weakness in its internal control over financial reporting because the “Company’s control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively[.]”
On this news, the Company’s share price fell $0.99, or 7%, to close at $13.15 on November 8, 2023, on unusually heavy trading volume.
According to the filed complaint, 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: (1) that James River lacked effective internal controls regarding the recognition of reinstatement premiums for reinsurance; (2) that, as a result, the Company overstated its net income; (3) that the Company was reasonably likely to restate its financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the James River class action go to: https://bespc.com/cases/JRVR
Acelyrin, Inc. (NASDAQ: SLRN)
Class Period: May 4, 2023 - September 11, 2023
Lead Plaintiff Deadline: January 16, 2024
According to the filed complaint, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) izokibep was less effective in treating HS than Defendants had led investors to believe; (ii) accordingly, Acelyrin overstated izokibep’s clinical and/or commercial prospects; (iii) as a result, Acelyrin also overstated the Company’s business prospects post-IPO; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Acelyrin class action go to: https://bespc.com/cases/SLRN
Beauty Health Company (NASDAQ: SKIN)
Class Period: May 10, 2022 - November 13, 2023
Lead Plaintiff Deadline: January 16, 2024
On August 9, 2023, before the market opened, Beauty Health announced that second quarter 2023 gross margin was “unfavorably impacted” by a mix shift “toward lower-margin refurbished devices . . . as U.S. providers awaited Syndeo enhancements in the third quarter 2023 to improve user experience.” The Company also announced the “involuntary separation without cause” of Chief Financial Officer (“CFO”) Liyuan Woo.
On this news, the Company’s shares fell $0.41, or 5.4%, to close at $7.12 per share on August 9, 2023, on unusually heavy trading volume.
Then, on November 13, 2023, after the market closed, Beauty Health announced its financial results for the third quarter of 2023. The Company disclosed that “[t]he quarter was overshadowed by lower-than-expected U.S. revenue and $63.1 million in restructuring charges related to device upgrades of early generation Syndeo devices.” As a result, “the Company is revising its fiscal year 2023 net sales guidance to a range of $385 to $400 million, its fiscal year adjusted EBITDA margin guidance to a range of 5% to 6% and is suspending its long-term 2025 financial outlook.” The Company further disclosed that Andrew Stanleick would depart the Company as President & Chief Executive Officer (“CEO”) and relinquish his Board seat, effective November 19, 2023.
On this news, the Company’s share price fell $2.51, or 64.36%, to close at $1.39 per share on November 14, 2023, on unusually heavy trading volume.
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: (1) that Syndeo 1.0 and 2.0 devices had issues leading to “frequent treatment interruptions;” (2) that, as a result, the Company incurred significant costs to develop enhancements; (3) that, despite the enhancements, providers continued to experience issues with the Syndeo devices; (4) that, as a result, the Company would no longer market Syndeo 1.0 and 2.0 devices and incur significant inventory writedowns; (5) that, as a result, the Company’s profitability would be adversely impacted; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Beauty Health class action go to: https://bespc.com/cases/SKIN
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
