NEW YORK, Aug 22, 2020 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against j2 Global, Inc. (“j2 Global” or the “Company”) (NASDAQ: JCOM) and certain of its officers. The class action suit, filed in the U.S. District Court for the Central District of California, is directed to a class consisting of all persons except defendants who purchased or purchased j2 Global securities between March 2, 2019 and June 30, 2020 otherwise acquired. including both dates (the "Class Period") to seek damages caused by Defendants' violations of federal securities laws and for remedial action under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 ( the “class”). Exchange Act ”) and Rule 10b-5 enacted against the Company and some of its senior officials under this Agreement.
If you are a shareholder who purchased j2 Global securities during the class period, you have until September 8, 2020 to request the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or toll free 888.476.6529 (or 888.4-POMLAW) ext. 7980. Those who inquire by email are invited to send their Provide postal address, telephone number and the number of shares purchased.
(Click here for information on how to participate in the class action.)
j2 Global and its subsidiaries offer internet services worldwide.
The complaint alleges that throughout the class period, the defendants made materially false and misleading statements about the company's business, operational, and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose that: (1) j2 Global is involved in undisclosed related party transactions; (2) j2 Global used misleading accounting to hide the required write-downs and underperformance on acquisitions. (3) Several independent members of the company's Board of Directors and Audit Committee were not disinterested. and (4) as a result, the defendants' public statements at all relevant times were materially false and / or misleading.
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On June 30, 2020, Hindenburg Research issued a report (the "Hindenburg Report") which found that J2 Global had problems including: (i) not disclosing any questionable related party transactions; (ii) misleading accounting used to hide underperformance and impending impairment; and (iii) failed to disclose a lack of director independence.
Following the release of the Hindenburg Report, J2 Global's share price fell $ 6.29 per share, or 9.05%, to close at $ 63.21 per share on June 30, 2020.
The Pomerantz firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, dean of class action lawsuit, Pomerantz pioneered class action lawsuits. Today, more than 80 years later, Pomerantz continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has received numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby