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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Just Energy, 2U, and Evolent and Encourages Investors to Contact the Firm

/EIN News/ -- NEW YORK, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Just Energy Group, Inc. (NYSE: JE), 2U, Inc. (NASDAQ: TWOU), and Evolent Health, Inc. (NYSE: EVH). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Just Energy Group, Inc. (NYSE: JE)

Class Period: November 9, 2017 to July 23, 2019

Lead Plaintiff Deadline: September 30, 2019

The complaint, filed on July 31, 2019, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company experienced customer enrollment and nonpayment issues; (2) that, as a result, the Company was reasonably likely to incur an impairment charge to its accounts receivable; (3) that, as a result, the Company lacked adequate internal control over its financial reporting; and (4) that, as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Just Energy class action go to: https://bespc.com/JE

2U, Inc. (NASDAQ: TWOU)

Class Period: February 25, 2019 to July 30, 2019

Lead Plaintiff Deadline: October 7, 2019

The complaint, filed on August 7, 2019, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company faced increasing competition in online education and particularly regarding graduate programs; (2) that the Company faced certain program-specific issues that negatively impacted its performance; (3) that, as a result, the Company’s business model was not sustainable; (4) that the Company would slow its program launches; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the 2U class action go to: https://bespc.com/TWOU

Evolent Health, Inc. (NYSE: EVH)

Class Period: March 3, 2017 to May 28, 2019

Lead plaintiff deadline: October 7, 2019

The complaint, filed on August 8, 2019, alleges that during the Class Period, defendants issued a series of false and/or misleading statements and failed to disclose material adverse facts about Evolent's business, operations, and prospects, including Evolent's "partnership" with Passport specifically. Among other things, defendants mispresented and failed to disclose that: (1) Evolent's partnership model did not align the company's interests with those of its partners, as the model was designed to inflate the Company's revenue by extracting enormous administrative and management fees at the expense of its operating partners such as Passport; (2) Passport was struggling financially, particularly after Kentucky cut its reimbursement rates, and the partnership between Evolent and Passport was becoming increasingly unsustainable; (3) Evolent was draining Passport of functions, employees and money, to such an extent that Passport was left on the verge of insolvency; (4) Passport was conducting a bidding process for several months to sell itself to prevent liquidation; and (5) as a result of the foregoing, defendants' public statements were materially false and/or misleading and/or lacked a reasonable basis.

Ultimately, on May 29, 2019, Evolent shocked investors when it unexpectedly announced that it was buying a controlling interest in Passport, which was essentially a bailout of the financially distressed health plan. Evolent acquired Passport despite previously stating that it had no intention of buying Passport or any other health plans for the foreseeable future, and that acquiring health plans was not part of its strategic focus. In addition, Evolent admitted that Passport was performing poorly and was not being run or managed properly, despite paying massive management fees to Evolent for what was previously understood by investors to be an aligned relationship. In reaction to these disclosures, Evolent's stock price plummeted nearly 30%, to close at $10.10 on May 29, 2019.

For more information on the Evolent Health class action go to: https://bespc.com/evh

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation.  For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

 

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