Just Energy Group Inc. (TSX & NYSE: JE, FRA: 1JE)
Ontario Superior Court of Justice, Court File No.: CV-149-627174-00CP
Andrew Morganti and Albert Pelletier have become members of Kim Spencer McPhee Barristers, P.C., and the authoritative page for this securities litigation can now be found at our new website.
This securities class action relates to the Defendants making representations during the Class Period that Just Energy Group Inc. had effective internal controls over financial reporting, that there were no misrepresentations in its relevant documents, and that in fiscal 2020 the Company would enjoy between $90-$100 million in free cash flow and between $200-$220 million in EBITDA.
Despite the Company’s repeated representations of material fact however, in a series of public corrective disclosures (i.e. storm warnings) released between July 23 through August 15, 2019 (the “Public Corrective Disclosures”), Just Energy Group Inc. revealed a series of facts that had the foreseeable effect of removing the artificial inflation in the Company’s stock price, causing Just Energy Group Inc.’s stock price on the TSX to diminish by over 60% in price and value, thereby causing damages to the Company’s shareholders.