Case Summary

Charge Enterprises

Other: CRGEQ

Case Details

  • Finkelstein v. Fox et al.
  • Class Period:December 15, 2021 - February 28, 2024
  • Date Filed:May 28, 2024
  • Jurisdiction:U.S. District Court, Southern District of New York
  • Docket Number: 1:24-cv-04056
  • Lead Plaintiff Deadline: July 29, 2024
Days Left to
Seek Plaintiff
34

Overview

A class action lawsuit has been filed against certain former senior executive officers of Charge Enterprises, Inc. (“Charge” or the “Company”) alleging violations of the federal securities laws.  The Charge lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Charge common stock between December 15, 2021, and February 28, 2024, both dates inclusive (the “Class Period”).  Investors have until July 29, 2024, to seek appointment as lead plaintiff of the Charge class action lawsuit.

Non-party Charge is an electrical, broadband, and electric vehicle (“EV”) charging infrastructure company.  Charge is a Delaware corporation with its principal place of business in New York, New York.  Before its delisting, charge common stock traded under the ticker symbol “CRGE” on the NASDAQ exchange.  On May 3, 2024, Charge terminated the registration of its common stock.  Charge’s common stock was effectively cancelled by the confirmation of its bankruptcy plan, and as of May 6, 2024, traded under $0.01 per share.  The events that give rise to this Class Action are not connected to Charge’s primary business ventures or revenue streams, but rather stem from reckless oversight of Charge’s capital and materially misleading statements and omissions in connection therewith.

Charge was initially incorporated under the name “E-Education Network, Inc.” in 2003 and changed its name to GoIP Global Inc. (“GoIP Global”) in 2005.  In April 2020, GoIP Global acquired Transworld Holdings, Inc.  In August 2020, GoIP Global changed its name to Transworld Holdings, Inc.  In January 2021, Transworld Holdings, Inc. changed its name to Charge Enterprises, Inc.

As alleged in the class action lawsuit, on June 19, 2020, GoIP Global disclosed that it intended to engage KORR Acquisitions Group, Inc. (“KORR Acquisitions”) as a consultant to provide certain consulting and advisory services to GOIP Global for fees to be agreed upon.  Kenneth Orr, Director, President, and Chief Financial Officer of GoIP Global, served as Principal Operating Officer of KORR Acquisitions Group, Inc. who in turn served as managing member of KORR Value, LP.

During the fourth quarter of 2020, GoIP Global and KORR Acquisitions entered into what Charge described as an “informal at-will arrangement” under which the Company entrusted KORR Acquisitions to provide investment advisory services on an as-needed basis (the “Informal Arrangement”).  Specifically, Charge granted KORR Acquisitions “discretionary authority, without prior consultation with the Company, to buy, sell, trade and allocate in and among stocks, bonds and other securities and/or contracts relating to the same,” on an “as-needed basis.”

The lawsuit alleges that Defendants, during the Class Period, issued materially false and misleading statements regarding the nature of Charge’s relationship with KORR Acquisitions, the degree of control that KORR Acquisitions exercised over Charge assets that were “critical” to the Company’s liquidity, and the nature of the investments that KORR Acquisitions held on the Company’s behalf, as well as materially false and misleading statements about the Company’s risk policies, procedures, and compliance oversight functions, exposing the Company and its investors to substantial losses.

*          *          *

If you purchased or otherwise acquired Charge common stock between December 15, 2021 and February 28, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Charge lawsuit is July 29, 2024.

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