CNW – Siskinds LLP (London, On) today announced the filing of a proposed securities class action in Toronto, Ontario, against Just Energy Group Inc. (Just Energy), its former CEO and director, Patrick McCullough, its current CFO, Jim Brown, and its auditor, Ernst & Young LLP (Action). The Action was commenced on November 8, 2019.
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 Action alleges that acquirers of Just Energy common shares during the Class Period suffered damage as a result of the alleged misrepresentations. Subject to certain exclusions, the proposed class includes all persons and entities, wherever domiciled, who acquired Just Energy common shares during the Class Period.
The claims being pursued in the Action are claims for damages for 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.
Current and former individual and institutional holders of Just Energy common shares who acquired during the Class Period, particularly on and after February 6, 2019, are encouraged to contact Siskinds LLP.
Inquiries may be directed to:
Toll free: 1800-461-6166 x 7868
Email: [email protected]
The Siskinds LLP class actions team has offices in London and Toronto, and an affiliate office in Québec City. The team, comprised of 25 lawyers admitted to practice in Ontario, Quebec, New York State and the District of Columbia, acts exclusively for plaintiffs. Over the years, Siskinds’ class action team has recovered hundreds of millions of dollars for individual and institutional investors in securities class actions in Canada and elsewhere. If you are looking for Canada’s top-ranked law firm* to represent your class action lawsuit, contact us today.
* Siskinds LLP is ranked in the top band of the Chambers Canada 2019 guide. The guide is compiled by global legal review organization, Chambers and Partners. Siskinds LLP is the highest ranked Canadian law firm and the 16th ranked North American law firm in the most recent edition of the Institutional Shareholder Services (ISS) Securities Class Action Services Top 50 Report. The report lists the top 50 plaintiff-side law firms ranked by the total dollar value of the final class action settlements occurring in 2017 in which the law firm served as lead or co-counsel.