NEW YORK, Sept. 26, 2019 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Just Energy Group Inc. ("Just Energy" or the "Company") (NYSE: JE) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and indexed under 19-cv-08286, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise, acquired publicly traded Just Energy securities between November 9, 2017 and July 23, 2019, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Just Energy securities during the class period, you have until September 30, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Just Energy purports to be a consumer company focused on essential needs, including electricity and natural gas commodities; on health and well-being, through products such as water quality and filtration devices; and on utility conservation, including renewable energy options.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) the Company experienced customer enrollment and nonpayment issues; (ii) as a result, the Company was reasonably likely to incur an impairment charge to its accounts receivable; (iii) as a result, the Company lacked adequate internal control over its financial reporting; and (iv) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 23, 2019, the Company disclosed that it had "identified customer enrolment [sic] 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 Company's share price fell $0.66 per share, or more than 15%, to close at $3.72 per share on July 23, 2019, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP