LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC , a shareholder rights firm, announces a class action lawsuit against BT Group plc (“BT Group” or the “Company”) (NYSE: BT) concerning possible violations of federal securities laws between May 23, 2013 and January 23, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm by the March 27, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, BT Group made false and/or misleading statements and/or failed to disclose that: the Company’s Italian division engaged in improper accounting practices; BT Group significantly overstated its earnings; the above caused BT Group to cut its revenue, earnings, and free cash flow forecasts; and as a result of the above, the Company’s public statements were materially false and misleading. On October 27, 2016, the Company announced that it uncovered “inappropriate management behavior” at its Italian division and “identified certain historical accounting errors and reassessed certain areas of management judgment.” As a result, the Company announced that it had “written down the value of items on the balance sheet by £145 [million].” On January 24, 2017, BT Group issued a news release “the adjustments identified have increased from the £145m announced in our half-year update to a total of around £530m.” When this news was revealed, shares of BT Group fell in value, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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