NEW YORK–(BUSINESS WIRE)–#classaction–The law firm of Kirby McInerney LLP reminds investors of the upcoming September 30, 2019 deadline to file a lead plaintiff motion in connection with the securities fraud class actions filed on behalf of investors who purchased Just Energy Group Inc. (“Just Energy” or the “Company”) (NYSE: JE) securities between November 9, 2017 and August 19, 2019, inclusive (the “Class Period”).
On July 23, 2019, the Company disclosed that it had “identified customer enrolment and non-payment issues, primarily in Texas, over the past 12 months” and that, as a result, it expected an impairment charge of CAD $45 to $50 million to its Texas residential accounts receivable.
On this news, prices fell $0.66 per share, or 15%, to close at $3.72 per share on July 23, 2019.
Then, on August 14, 2019, the Company revealed collection issues in the U.K. market that resulted in an impairment of $74.1 million.
On this news, prices fell $1.22 per share, nearly 40%, to close at $1.88 per share on August 15, 2019, thereby injuring investors.
Finally, on August 20, 2019, the Company filed its amended annual report for fiscal 2019 with the SEC, which it revealed that its allowance for doubtful accounts had been understated by $111.2 million and that it had a material weakness in its internal control over financial reporting.
On this news, prices fell $0.14 per share, or over 10%, to close at $1.18 per share on August 21, 2019.
If you acquired Just Energy securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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