NEW YORK, Aug. 12, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders that purchased or acquired shares of Just Energy Group Inc. ("Just Energy" or the "Company") (NYSE: JE) between November 9, 2017 and July 23, 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.
If you purchased Just Energy securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/just-energy-group-inc-166/apply or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Matthew E. Guarnero
Bernstein Liebhard LLP
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SOURCE Bernstein Liebhard LLP