Charge Enterprises (CRGEQ) Subject of Class Action Lawsuit On Behalf Of Investors
Charges Enterprises (CRGEQ) is the subject of a class action lawsuit, filed on behalf of shareholders, regarding alleged violations of the federal securities laws.
If you have investment losses with Charges Enterprises (CRGEQ), please contact Silver Law Group at (800) 975-4345 or at ssilver@silverlaw.com. The deadline to apply to be lead plaintiff (class representative) is August 12, 2024.
Charges Enterprises was founded in 2019 and is an electrical, broadband, and electric vehicle charging infrastructure company. Its main business includes developing the infrastructure for electric vehicle charging stations and developing telecommunications for voice calls and data to global carriers.
Charge employed KORR Acquisitions (KORR) to manage its investments under an informal arrangement, later formalized in June 2022. Charge repeatedly requested the return of funds from KORR throughout 2023 to meet debt obligations, particularly $27.8 million due to Arena Investors in November 2023. KORR consistently failed to return funds as agreed, leading to severe liquidity issues for Charge.
Despite knowing about these problems, Charge continued to present a positive financial outlook to investors, including claims of sufficient liquidity. On November 13, 2023, KORR revealed that the Charge’s funds were invested in KORR Value, a limited partnership, and were not readily accessible.
Charge disclosed its default on Arena Notes on November 21, 2023, contradicting earlier statements about its cash position. Subsequent events included multiple default notices, cessation of some operations, and ultimately, the filing for Chapter 11 bankruptcy on March 7, 2024
The complaint alleges that Charges Enterprise made materially false and misleading statements about their business, including:
Silver Law Group is a nationally recognized law firm representing victims of securities and investment fraud. Our attorneys represent investors nationwide in class action lawsuits against issuers in state and federal court for violations of the federal securities laws and breach of fiduciary duties.
Scott Silver, Silver Law Group’s managing partner is the Chairman of the Securities and Financial Fraud Group of the American Association of Justice, a member of the National Trial Lawyer’s Class Action Group, and he routinely speaks at industry conferences about securities and investment fraud. Contact us for a no-cost consultation at ssilver@silverlaw.com or call (800) 975-4345.
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