NEW YORK, NY / ACCESSWIRE / September 27, 2019 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to make a lead plaintiff motion in a securities class action lawsuit filed on behalf of investors who purchased or acquired shares of Just Energy Group Inc. ("Just Energy" or the "Company") (JE) between November 9, 2017, and August 19, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York seeks to recover damages for Just Energy investors under the Securities Exchange Act of 1934.
If you purchased Just Energy securities, and/or would like to discuss your legal rights and options please visit JE Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
The complaint alleges that throughout the Class Period, Defendants issued a series of false and/or misleading statements and failed to disclose material adverse facts about Just Energy's business, operations, and prospects. Among other things, Defendants misrepresented and failed to disclose to investors: (1) that the Company experienced customer enrollment and nonpayment issues; (2) that, as a result, the Company was reasonably likely to incur an impairment charge to its accounts receivable; (3) that, as a result, the Company lacked adequate internal control over its financial reporting; and (4) that, 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, more than 15%, to close at $3.72 per share on July 23, 2019, on unusually heavy trading volume.
Later, on August 4, 2019, the Company revealed collection issues in the U.K. Market that resulted in a $74.1 million impairment.