NEW YORK, July 1, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of J2 Global, Inc. ("J2" or the "Company") (NASDAQ: JCOM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether J2 and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 30, 2020, Hindenburg Research ("Hindenburg") published a report on J2 alleging that the Company's "opaque acquisition approach has opened the door to egregious insider self-enrichment, which we approximate totals $117 million to $172 million based on publicly available information." The report alleged that Hindenburg had "uncovered that J2 acquired a newly formed entity based out of its own VP of Corporate Development's personal residence for an estimated $20 million," that "[t]he entity had undefined 'intellectual property' and no employees or apparent assets," and that "[n]o conflict was disclosed." The report also alleged that "[d]espite J2's proxy describing all but one of its board members as 'independent,' we found decades of intertwined financial interests between board members and executives, calling that independence into question."
Following the release of the Hindenburg report, J2'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.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP