Thornton Law Firm, LLP: ADT Inc. IPO Class Action Lawsuit Filed
BOSTON, July 2, 2018 /PRNewswire/ -- Thornton Law Firm, LLP announces that a class action lawsuit has been filed on behalf of purchasers of the securities of ADT Inc. (NYSE ticker: ADT) pursuant to, or traceable to, the registration statement and prospectus issued in connection with ADT's January 2018 initial public offering ("IPO"). The lawsuit seeks to recover damages for ADT investors/shareholders under the federal securities laws.
If you purchased ADT Inc. stock, you may have a claim for damages resulting from misstatements in the ADT Inc. IPO prospectus and registration statement. If you are interested in pursuing this claim, or to discuss your legal rights, please email [email protected], or call 617-720-1333.
According to the lawsuit, defendants made misleading statements because, among other things, ADT was experiencing dramatically worse financial results than it disclosed. ADT would fall far short of even the extreme low end of the 2017 net income and earnings portrayed in the Registration Statement. Rather than net income of $86-$550 million, ADT was in fact suffering a net loss of over $300 million. Rather than a quarterly profit of $0.14 EPS, ADT was in fact suffering a quarterly loss of $0.06 EPS. And rather than the portrayed year-over-year profit increase, ADT was in fact suffering increasing losses of $0.35 diluted EPS for FY2017 - down 75% from 2016. Contrary to the statements made in the Registration Statement, the estimated FY2017 ranges did not reflect critical information already available to ADT's management, and ADT's 4Q and FY2017 financial results did indeed differ materially from the estimated financial results portrayed in the Registration Statement.
The class action lawsuit has been filed but you may still be able to participate as a lead plaintiff. You must seek to do so no later than July 20, 2018. If you wish to join the litigation, please email [email protected], or call 617-720-1333.
Thornton Law Firm's securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate fraud. Its attorneys have decades of experience litigating securities fraud cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.
Contact Information:
Guillaume O. Buell
Thornton Law Firm, LLP
100 Summer Street, 30th Floor
Boston, Massachusetts 02110
Email: [email protected]
Tel: 1-800-431-4600
SOURCE Thornton Law Firm, LLP
Share this article