NEW YORK, Feb. 17, 2006 (PRIMEZONE) -- The law firm of Roy Jacobs & Associates has been asked to investigate the astounding losses at PXRE Group Ltd., and the resulting steep decline in the value of its shares. PXRE shares declined almost $8.00, or 66%. Over 35 million shares were traded.
For further information you may call toll free, 1-888-884-4490, or contact Roy Jacobs & Associates by e-mail at classattorney@pipeline.com.
The Company announced today that it raised its expected hurricane related losses to approximately $788 million, and it is anticipated that the Company will lose in the neighborhood of $7.00 a share. It was also announced that the Company had hired Lazard Ltd. to advise it of its strategic alternatives, and some analysts are questioning the nature of the Company's future.
In October 2005 PXRE sold almost 9 million common shares in a Secondary Offering to the investing public.
If you purchased shares of PXRE in the open market or in the Offering and are interested in discussing your rights, please contact: