NEW YORK - (NewMediaWire) - July 16, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in J2 Global, Inc. (“J2 Global” or the “Company”) (NASDAQ:JCOM) of the September 8, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in J2 Global stock or options between October 5, 2015 - June 29, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/JCOM. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased J2 Global securities between October 5, 2015 and June 29, 2020 (the “Class Period”). The case, Garcia v. J2 Global, Inc. et al, No. 20-cv-06096 was filed on July 8, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 so-called 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.
Specifically, on June 30, 2020 before the market opened, Hindenburg Research published a report (the “Report”) explaining that J2 Global had, among other issues: (1) failed to disclose questionable transactions with related parties; (2) utilized misleading accounting to hide underperformance and impending impairments; and (3) failed to disclose a lack of board independence.
On this news, J2 Global stock fell from a closing price of $69.50 on June 29, 2020 to $63.21 on June 30, 2020—a $6.29 or 9.05% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding J2 Global’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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