LOS ANGELES--(BUSINESS WIRE)--Tostrud Law Group, P.C. reminds investors of the March 27, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who acquired 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. Injured investors are encouraged to contact Jon Tostrud, Esq. to discuss their legal rights.
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.
BT investors have until March 27, 2017 to move the Court to appoint you as lead plaintiff if you meet certain legal requirements. If you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Jon Tostrud, Esquire, of Tostrud Law Group, P.C., 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 278-2600 or by e-mail at firstname.lastname@example.org.
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