INVESTOR ALERT: Kirby McInerney LLP Notifies Investors of Expanded Class Period & Approaching Deadline in Class Action Lawsui...
September 09 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP reminds investors of the
upcoming September 30, 2019 deadline to file a lead plaintiff
motion in connection with the securities fraud class actions 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”).
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, prices fell $0.66 per share, or 15%, to close at
$3.72 per share on July 23, 2019.
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, prices fell $1.22 per share, nearly 40%, to close
at $1.88 per share on August 15, 2019, thereby injuring
investors.
Finally, on August 20, 2019, the Company filed its amended
annual report for fiscal 2019 with the SEC, 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, prices fell $0.14 per share, or over 10%, to close
at $1.18 per share on August 21, 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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190909005981/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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