LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the March 27, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased BT Group plc (“BT” or the “Company”) (NYSE: BT) securities between May 23, 2013, and January 23, 2017, inclusive (the “Class Period”). BT investors have until March 27, 2017 to file a lead plaintiff motion.
On January 24, 2017, BT disclosed that an internal accounting investigation identified a significant overstatement of earnings in BT’s Italian business, that would require adjustments of approximately £530 million.
The Company further disclosed that, “The improper behavior in our Italian business is an extremely serious matter, and we have taken immediate steps to strengthen the financial processes and controls in that business. We suspended a number of BT Italy's senior management team who have now left the business. We have also appointed a new Chief Executive of BT Italy who will take charge on 1 February 2017. He will review the Italian management team and will work with BT Group Ethics and Compliance to improve the governance, compliance and financial safeguards in our Italian business.”
On this news, BT shares fell over 20%, or nearly $5.05 per share, to close on January 24, 2017 at $19.38.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) BT’s Italian division had engaged in improper accounting practices; (2) BT thus significantly overstated its earnings; (3) the above mentioned would likely cause BT to cut its revenue, earnings, and free cash flow forecasts; and (4) consequently, BT’s public statements were materially false and misleading.
If you purchased or otherwise acquired BT Group during the Class Period you may move the Court no later than March 27, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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