On August 28, 2023, Saxena White secured a major victory with a significant decision issued by the Honorable David J. Novak of the Eastern District of Virginia, in In re James River Grp. Holdings, Ltd. Sec. Litig., No. 3:21-cv-444-DJN (E.D. Va.), where Judge Novak denied Defendants’ motions to dismiss the amended complaint in its entirety for violations of the federal securities laws.

In his order, Judge Novak repeatedly highlighted Lead Counsel’s extensive investigation of the claims, underscoring that by “[l]everaging interviews with former employees and [other relevant] litigation testimony,” Lead Plaintiffs’ complaint alleged a “pattern of systemic, purposeful under-reserving” for the Company’s Uber related claims that “cannot be squared with Defendants’ stated opinions that reserves qualified as ‘reasonable’ and ‘adequate.’”

The case will now proceed to the discovery phase.