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James River Group Sues Fleming Intermediate to Enforce Stock Purchase Agreement; Shares Drop 16%
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James River Group Sues Fleming Intermediate to Enforce Stock Purchase Agreement; Shares Drop 16%
Mar 11, 2024 9:25 AM

12:09 PM EDT, 03/11/2024 (MT Newswires) -- James River Group Holdings ( JRVR ) said Monday that it has filed a complaint against Fleming Intermediate in New York County Supreme Court's Commercial Division.

Fleming is a portfolio company of private equity firm Altamont Capital Partners.

James River said the lawsuit seeks to require Fleming to complete its proposed acquisition of JRG Reinsurance Company per a stock purchase deal signed in November. James River is seeking expedited relief from the court to require Fleming to close the acquisition.

James River shares were down more than 16% in midday trading.

Representatives for Fleming Intermediate did not immediately respond to a request for comment from MT Newswires.

Price: 7.90, Change: -1.51, Percent Change: -16.05

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