BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Just Energy Group Inc. (“Just Energy” or the “Company”) (NYSE: JE) securities between November 9, 2017 and July 23, 2019, inclusive (the “Class Period”). Just Energy investors have until September 30, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Just Energy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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 Company’s share price fell $0.66 per share, more than 15%, to close at $3.72 per share on July 23, 2019, thereby injuring investors.
The complaint filed in this class action 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: (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.
If you purchased Just Energy securities, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at 215-638-4847, toll-free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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