The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Just Energy Group, Inc. (“Just Energy” or the “Company”) (NYSE: JE) securities during the period from November 9, 2017 to July 23, 2019 (the “Class Period”). Investors have until September 30, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Just Energy failed to disclose that: (i) the Company had experienced customer enrollment and nonpayment issues; (ii) as a result, the Company was reasonably likely to incur an impairment charge to its accounts receivable; and (iii) as a result, the Company lacked adequate internal control over its financial reporting.
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 price of Just Energy shares fell $0.66, or 15%, to close at $3.72 on July 23, 2019.
If you acquired Just Energy securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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