(TSX: JE ; NYSE: JE; CUSIP: 48213W101; ISIN: CA48213W1014)
On November 8, 2019, Siskinds LLP, along with Berger Montague (Canada) PC filed a proposed securities class action in the Ontario Superior Court of Justice against Just Energy Group Inc. (“Just Energy”), its former CEO, its current CFO and its auditor, Ernst & Young LLP (“EY”).
The plaintiff, on behalf of acquirers of Just Energy common shares from May 16, 2018 to August 14, 2019, inclusive, (Class Period), seeks to recover damages for alleged misrepresentations contained in certain of Just Energy’s continuous disclosure documents released between May 16, 2018 and August 1, 2019.
The action alleges that, among other things, Just Energy made inadequate disclosure about the existence of, and specific identifiable risks posed by, material operating and internal control deficiencies relating to its Texas and UK operations. It is alleged that the deficiencies ultimately resulted in the material understatement of Just Energy’s allowances for doubtful accounts and related errors, corrected by Just Energy on August 14, 2019 through the restatement of its financial statements for Q3 2019 and FY 2019.
The claims being pursued in the action are claims for damages for investor losses allegedly suffered as a result of Just Energy’s alleged misleading disclosure. The plaintiff claims Just Energy, Mr. McCullough, Mr. Brown and Ernst & Young LLP have liability for those losses.
Did you buy Just Energy shares between May 16, 2018 and August 14, 2019?
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Developments
The proposed Court-appointed representative of the class has reached a Settlement with EY. The proposed Class Members are defined in the Notice of Certification and Settlement Approval Hearing; which may be viewed by clicking here. Please refer to this notice for further details regarding the legal fees sought, the settlement approval hearing, and the deadlines for opting out of the proceeding or objecting to the settlement.
FAQs
What is a class action?
A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.
Can I join the class action?
There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.
Documents
Gilchrist v. Just Energy Order - June 27, 2023
Notice of Certification and Settlement Approval Hearing - Long-form notice, short-form notice
Notice of Leave and Certification
Leave and Certification Order issued by Justice Glustein - November 21, 2023