New York, New York--(Newsfile Corp. - September 4, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Just Energy Group Inc. (NYSE: JE) ("Just Energy" or the "Company") of the September 30, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Just Energy stock or options between November 9, 2017 and July 23, 2019 and would like to discuss your legal rights, click here: . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to .
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Just Energy securities between November 9, 2017 and July 23, 2019 (the "Class Period"). The case, Goitein v. Just Energy Group Inc. et al., No. 19-cv-07181 was filed on July 31, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company experienced customer enrollment and nonpayment issues and that, as a result, the Company was reasonably likely to incur an impairment charge to its accounts receivable.
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, Just Energy's share price fell from $4.38 per share on July 22, 2019 to a closing price of $3.72 on July 23, 2019: a $0.66 or a 15.10% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Just Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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