DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Sprint Nextel Corp. (“Sprint”) (NYSE: S) for possible breaches of fiduciary duties and other violations of state and federal law relating to a complaint issued by the New York Attorney General seeking over $300 million in damages.
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
On April 19, 2012, New York Attorney General Eric T. Schneiderman filed a complaint against Sprint alleging that it knowingly and fraudulently failed to collect and pay more than $100 million in New York sales taxes on receipt from its sale of wireless telephone services since July 2005. According to Attorney General Schneiderman, Sprint illegally avoided its New York sales tax obligations on about 25% of its receipts for “flat-rate” calling plans. It is further alleged that Sprint’s decision to not collect and pay the required sales tax arose out of a nationwide scheme to gain an advantage over its competitor wireless carriers, “not by cutting its prices or offering better service, but by failing to collect and pay sales taxes, thereby reducing the cost of its products to its customers.” Based upon the claims asserted, if Sprint is found liable, it may be required to pay over $300 million in damages and penalties.
“We are particularly troubled by the allegations of misconduct in the complaint and potential liability faced by Sprint. Based upon on our investigation, we are prepared to pursue litigation to preserve the company and the value of Sprint stock for all shareholders,” said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.