J2 Global, Inc. Class Action Lawsuit
- Company Name
- J2 Global, Inc.
- Stock Symbol
- Class Period
- October 5, 2015 to June 29, 2020
- Central District of California
The J2 Global, Inc. class action lawsuit charges J2 Global and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of J2 Global securities between October 5, 2015 and June 29, 2020, inclusive (the “Class Period”). The J2 Global class action lawsuit was commenced on July 8, 2020 in the Central District of California and is captioned Garcia v. J2 Global, Inc., No. 20-cv-06096.
J2 Global, through its subsidiaries, purports to provide Internet services worldwide.
The J2 Global class action lawsuit alleges that defendants made materially false and/or misleading statements, as well as failed to disclose that: (1) J2 Global engaged in undisclosed related-party transactions; (2) J2 Global used misleading accounting to hide impairments and underperformance in acquisitions; (3) several so-called independent members of J2 Global’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 alleging that J2 Global had, among other things: (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. On this news, the price of J2 Global shares fell more than 9%.
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