NEW YORK–(BUSINESS WIRE)–#JustEnergy–Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Just Energy Group, Inc. (NYSE:JE) securities between November 9, 2017 and August 19, 2019 (the “Class Period”). Investors have until September 30, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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, the price of Just Energy stock 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 in 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.
The complaint, filed on September 4, 2019, alleges that throughout the Class Period, defendants materially misled the investing public, thereby inflating the price of Just Energy securities, by publicly issuing false and misleading statements and omitting material facts necessary to make defendants’ statements, not false and misleading. Said statements and omissions were materially false and misleading in that they failed to disclose material adverse information and misrepresented the truth about the company’s business, operations, and prospects.
If you purchased Just Energy shares during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Just Energy class action please go to https://bespc.com/JE. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.