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If you purchased shares of Just Energy Group Inc. (NYSE: JE), you may have certain options. Please contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
March 29, 2021 - The defendants filed a notice of bankruptcy proceedings.
July 27, 2020 - A consolidated amended complaint was filed.
February 12, 2020 - The case was transferred to the U.S. District Court for the Southern District of Texas.
July 31, 2019 - An investor in shares of Just Energy Group Inc. (NYSE: JE) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Just Energy Group Inc. in connection with certain allegedly false and misleading statements made between November 9, 2017 through July 23, 2019.
Mississauga, Canada based Just Energy Group Inc., through its subsidiaries, provides electricity and natural gas commodities in the United States, Canada, the United Kingdom, and internationally. Just Energy Group Inc. reported that its Total Revenue rose from over $3.62 billion for the 12 months period that ended on March 31, 2018 to over $3.81 billion for the 12 months period that ended on March 31, 2019 and that its Net Income of $524.51 million for the 12 months period that ended on March 31, 2018 declined to a Net Loss of $100.49 million for the 12 months period that ended on March 31, 2019.
On July 23, 2019, Just Energy disclosed that it had “identified customer enrollment and non-payment issues, primarily in Texas, over the past 12 months” and consequently expected an impairment charge of CAD $45 to $50 million to its Texas residential accounts receivable. Shares of Just Energy Group Inc. (NYSE: JE) declined to $3.3 per share on July 30, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Just Energy Group Inc. (NYSE: JE) common shares between November 9, 2017 through July 23, 2019, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between November 9, 2017 through July 23, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Just Energy experienced customer enrollment and nonpayment issues, that Just Energy was reasonably likely to incur an impairment charge to its accounts receivable;, that Just Energy lacked adequate internal control over its financial reporting, and that as a result of the foregoing, defendants’ positive statements about Just Energy’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.