BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 27, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI) securities between February 26, 2018 and February 26, 2020, inclusive (the “Class Period”).
Investors suffering losses on their Crown Castle 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.
On February 26, 2020, Crown Castle announced that it would restate its financial statements for the years ended December 31, 2018 and 2017 and for the first three quarters in the year ended December 31, 2019. According to the press release, the Company had recognized service revenues from its tower installation services in a manner that "was not acceptable under GAAP."
On this news, the Company’s share price fell $14.38 per share, or over 8.8%, to close at $148.31 per share on February 27, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Crown Castle’s internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (2) Crown Castle's financial accounting and reporting was not in accordance with GAAP; (3) Crown Castle’s net income, adjusted EBITDA, and AFFO were inflated; (4) Crown Castle would need to restate its financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and for the first three quarters in the year ended December 31, 2019; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Crown Castle securities during the Class Period, you may move the Court no later than April 27, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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.
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