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Lawsuit filed for Investors in Charge Enterprises, Inc. (formerly NASDAQ: CRGE) in effort to recover losses

06-04-2024 07:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Charge Enterprises, Inc. (formerly NASDAQ: CRGE) shares.

A lawsuit was filed on behalf of investors in Charge Enterprises, Inc. (formerly NASDAQ: CRGE) shares.

An investor, who purchased shares of Charge Enterprises, Inc. (formerly NASDAQ: CRGE), filed a lawsuit over alleged violations of Federal Securities Laws by the former CEO and CFO of Charge Enterprises, Inc in connection with certain allegedly false and misleading statements made between December 15, 2021 and February 28, 2024.

Investors who purchased shares of Charge Enterprises, Inc. (formerly NASDAQ: CRGE) between December 15, 2021 and February 28, 2024, and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: July 29, 2024. Charge Enterprises, Inc. (formerly NASDAQ: CRGE) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On November 21, 2023, Charge Enterprises, Inc disclosed that it had received a default notice from its senior lender, Arena Investors, LP ("Arena"), stating 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 KORR Value 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."
Then, on December 6, 2023, Charge revealed that it had received additional default notices from Arena and that the Company would be ceasing the operations of certain of its telecommunications subsidiaries in an effort to preserve liquidity.
Then, on January 25, 2024, Charge disclosed that it had received a foreclosure notice, and that, to satisfy its outstanding debt, Arena would be holding an auction liquidate 100 percent of the equity interests in certain Charge subsidiaries.
Then, on February 28, 2024, Charge announced that it had entered into a Restructuring Support Agreement with two affiliates of Arena. The following day, on February 9, 2024, NASDAQ suspending trading of Charge common stock.
Then, on March 7, 2024, Charge filed its voluntary petition for bankruptcy.

The plaintiff alleges on behalf of purchasers of Charge Enterprises, Inc. (formerly NASDAQ: CRGE) common shares between December 15, 2021 and February 28, 2024, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 15, 2021 and February 28, 2024, the Defendants failed to disclose to investors that the Company was invested in an illiquid limited partnership Interest, that the Company's investments with KORR Acquisitions were "critical" to Charge's liquidity, and the failure to return them proximately caused a default on the Arena Notes, that the Company was facing a serious liquidity crisis and risk of default under the Arena Notes on account of Orr and KORR Acquisitions' failure to return the Company funds, that Charge's internal disclosure controls and procedures were not effective during the Class Period, and that as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Charge Enterprises, Inc. (formerly NASDAQ: CRGE) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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