NEW YORK, Sept. 06, 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, filed in United States District Court for the Central District of California, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired J2 Global securities between March 2, 2019, and June 30, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased J2 Global securities during the class period, you have until September 8, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
J2 Global, together with its subsidiaries, provides Internet services worldwide.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) J2 Global engaged in undisclosed related party transactions; (2) J2 Global used misleading accounting to hide requisite impairments and underperformance in acquisitions; (3) several independent members of the Company’s board of directors and audit committee were not disinterested; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On June 30, 2020, Hindenburg Research published a report (the “Hindenburg Report”) asserting that J2 Global had, among other issues: (i) failed to disclose questionable transactions with related parties; (ii) utilized misleading accounting to hide underperformance and impending impairments; and (iii) failed to disclose a lack of board independence.
Following the publication of the Hindenburg Report, J2 Global’s stock 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.