NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, reminds investors of a federal class action lawsuit pending against GTT Communications, Inc. (“GTT”) (NYSE: GTT) and the September 30, 2019 deadline to move for lead plaintiff.
If you purchased GTT shares before July 1, 2019, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at (844) 818-6982 or firstname.lastname@example.org for more information.
In February 2018, GTT announced a $2.3 billion acquisition of Interoute Communications Holdings S.A. (“Interoute”), Europe’s largest cloud services platform operator.
According to the complaint, GTT and other defendants made false and misleading statements and/or failed to disclose that there were numerous issues with the Interoute integration, including migrating legacy systems into GTT’s management database, discrepancies with Interoute’s billing systems, and a poor salesforce. GTT also failed to disclose that shortly before the acquisition, Interoute had made a strategic shift conflicting with GTT’s exclusive focus on cloud networking. Defendants thus lacked a reasonable basis for their positive statements about GTT.
On May 8, 2019, GTT reported a larger-than-expected loss and decline in 1Q19 revenue. GTT attributed the negative performance to integration issues with Interoute. On this news, shares of GTT fell $10.38/share over two days, or over 25%, to close at $29.91/share on May 9, 2019.
On August 27, 2019, GTT announced that its Chief Financial Officer was leaving GTT, effective September 30, 2019. On this news, shares of GTT fell $0.63, or 7%, to close at $8.36/share on August 27, 2019.
What You Can Do
If you purchased GTT stock on or before July 1, 2019, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982 or email@example.com. The deadline to move for lead plaintiff is September 30, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.