Bernstein Liebhard LLP Announces That A Class Action Has Been Filed On Behalf Of Sprint Investors
NEW YORK, April 25, 2019 /PRNewswire/ -- Bernstein Liebhard LLP announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities (the "Class") who purchased the common stock of Sprint Corporation ("Sprint" or the "Company") (NYSE: S) during the period between January 31, 2019 and April 16, 2019 (the "Class Period"). The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Sprint is a communications company that sells wireless and wireline communications products and services to individuals, businesses, government entities, and resellers.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the number of net postpaid subscriber additions in its Form 10-Q filing with the Securities and Exchange Commission ("SEC") for the period ending December 31, 2018 (the "10-Q"). Specifically, in the 10-Q the Company highlighted that it had made 309,000 total postpaid net additions – a closely watched metric by Wall Street analysts – but failed to disclose that these increases were driven by free lines offered to Sprint customers.
On April 15, 2019, in a letter filed with the Federal Communications Commission ("FCC"), Sprint admitted that the data in the 10-Q was "incomplete" and "not a substitute for a realistic analysis of the key factors that are most probative of Sprint's overall competitive position and prospects" because some of the cited subscriber additions did not represent new Sprint customers.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Sprint common stock during the Class Period. If you invested in Sprint common stock as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 21, 2019.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Sprint investor or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and been listed in The Legal 500 for ten consecutive years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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