NEW YORK, Aug. 12, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of shareholders that purchased or acquired shares of
Just Energy Group Inc. ("Just Energy" or the "Company") (NYSE: JE)
between November 9, 2017 and
July 23, 2019, inclusive (the "Class
Period"). The lawsuit filed in the United
States District Court for the Southern District of
New York seeks to recover damages
for Just Energy investors under the Securities Exchange Act of
1934.
If you purchased Just Energy securities, and/or would like to
discuss your legal rights and options please visit JE
Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than September 30, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
The complaint alleges that throughout the Class Period,
Defendants issued a series of false and/or misleading statements
and failed to disclose material adverse facts about Just Energy's
business, operations, and prospects. Among other things, Defendants
misrepresented and 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.
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, the Company's share price fell $0.66 per share, more than 15%, to close at
$3.72 per share on July 23, 2019, on unusually heavy trading
volume.
If you purchased Just Energy securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/just-energy-group-inc-166/apply or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP