BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Uniti Group Inc. (“Uniti” or the “Company”) (NASDAQ: UNIT) securities between April 20, 2015 and February 15, 2019, inclusive (the “Class Period”). Uniti investors have until December 30, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Uniti investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
In 2015, Uniti was spun-off from Windstream Holdings, Inc. (“Windstream”). Following the spin-off, Windstream became Uniti’s primary customer.
On September 21, 2017, hedge fund Aurelius Capital Master, Ltd. (“Aurelius”), which owns more than 25% of Windstream’s unsecured notes due 2023, gave written notice to Windstream that the spin-off of Uniti constituted a sale and leaseback in breach of the notes’ indenture.
On February 15, 2019, United States District Judge Jesse M. Furman determined that Windstream had breached the indenture and awarded Aurelius a monetary judgement exceeding $310 million.
On this news, Uniti’s stock price fell $7.47 per share, or over 37%, to close at $12.51 per share on February 19, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Uniti's financial results were not sustainable because its customer Windstream had defaulted on its unsecured notes; and (2) that as a result of the foregoing, Defendants' statements about Uniti's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased Uniti securities, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.