Just Energy Group Inc. (JE) Accused of Improper Accounting Practices
According to the complaint, for alleged violations of the Securities Exchange Act of 1934 between November 9, 2017 and July 23, 2019, Just Energy had affirmed and reaffirmed its internal control over financial reporting. In its May 2019 40-F, Just Energy revealed that it had discovered and remediated deficiencies in its internal control over financial reporting. However, this revelation failed to disclose the true picture. On July 23, 2019, Just Energy announced that it had identified customer enrollment and non-payment issues that would result in an impairment charge of up to CAD $50 million. On this news, Just Energy’s share price fell over 15% to close at $3.72 per share.