NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sprint Corporation (“Sprint” or the “Company”) (NYSE:S) of the June 21, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sprint stock or options between January 31, 2019 and April 16, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/S. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Sprint common stock between January 31, 2019 and April 16, 2019 (the “Class Period”). The case, Meneses v. Sprint Corporation et al., No. 19-cv-03549 was filed on April 22, 2019, and has been assigned to Judge Andrew L. Carter, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misrepresenting the number of net postpaid subscriber additions in its Form 10-Q for the period ending December 31, 2018. In a subsequent letter to the FCC, Sprint admitted that its Form 10-Q disclosures were “incomplete” and that the reported net subscriber increase included those offered “free lines.”
On April 15, 2019, Sprint filed a letter with the Federal Communications Commission (“FCC”) regarding Applications of T-Mobile US, Inc. and Sprint Corporation for Consent to Transfer Control of Licenses and Authorizations. The FCC Letter revealed that the Company’s postpaid net additions had recently been driven by ‘free lines’ offered to Sprint customers and the inclusion of less valuable tablet and other non-phone devices.
On this news, the Company's stock price fell from $6.10 per share on April 12, 2019 to $5.88 per share on April 15, 2019—a $0.22 or 3.61% drop.
Then, the Wall Street Journal published another article on April 18,2019 entitled “Sprint Tells Regulators Its Business Is Worse Than Earlier Portrayed.”
On this news, the Company's stock price fell from $6.01 per share on April 16, 2019 to $5.64 per share on April 17, 2019—a $0.37 or 6.16% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sprint’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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