BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming September 30, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Just Energy Group Inc. (“Just Energy” or the “Company”) (NYSE: JE) securities between November 9, 2017 and August 19, 2019, inclusive (the “Class Period”).
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 firstname.lastname@example.org.
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.
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, the Company’s share price fell $1.22 per share, nearly 40%, to close at $1.88 per share on August 15, 2019, thereby injuring investors further.
Then, 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, the Company’s share price fell $0.14 per share, or over 10%, to close at $1.18 per share on August 21, 2019, thereby injuring investors further.
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 during the Class Period you may move the Court no later than September 30, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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