LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors who purchased Frontier Communications Corporation (“Frontier” or the “Company”) (NASDAQ: FTR) securities between April 1, 2016, and May 2, 2017, inclusive (the “Class Period”). Frontier investors have 60 days from the date of this notice to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the Frontier page on our website at www.glancylaw.com.
Investors suffering losses on their Frontier investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
Frontier provides communications services in the United States, including broadband, video, and voice services. In April 2016, Frontier completed the acquisition of the wireline operations of Verizon Communications, Inc. in California, Texas and Florida (the “Verizon Acquisition”), for a purchase price of $10.5 billion in cash and assumed debt. However, according to the complaint filed in this lawsuit, defendants failed to disclose the underperformance of the Verizon Acquisition.
Specifically. the complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements by failing to disclose: (1) that the Company acquired a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc.; (2) that, as a result, the Company would be required to increase its reserves, and write off amounts from accounts receivable associated with the non-paying accounts; and (3) that, as a result of the foregoing, Defendants’ statements about Frontier’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
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If you purchased shares of Frontier during the Class Period you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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