NEW YORK, June 13, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed on behalf of investors of Charge Enterprises, Inc. (“Charge” or the “Company”) (NASDAQ: CRGEQ). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (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.
The class action concerns whether certain of Charge’s officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until July 29, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Charge securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
A class action complaint has been filed against certain former and current officers and directors of charge (collectively, the “Defendants”), alleging that the Defendants made statements about Charge’s internal controls, financial condition and its relationship with an outside asset manager that were materially false and misleading. On November 21, 2023, Charge disclosed that it had received a default notice from its senior lender, Arena Investors, LP (“Arena”), and informed the market that its prior belief that it had “approximately $9.9 million of Company assets . . . in the form of cash, cash equivalents, marketable securities or similar readily liquid assets” was false; instead, these funds had been invested in an illiquid limited partnership interest and were thus “not immediately able to be liquidated or readily accessible.” Charge warned that if it “[continued] not to have sufficient liquidity to pay the principal and interest on the [Arena] Notes. . . these circumstances could result in a default under other of the Company’s debt instruments and agreements that contain cross-default provisions,” which would “have a material adverse effect on the Company’s liquidity, financial condition and results of operations, and may render the Company insolvent and unable to sustain its operations and continue as a going concern.” Charge filed for bankruptcy on March 7, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
