World News: 22:12 GMT Wednesday 12th June 2019. [Pomerantz LLP via Globe Newswire via SPi World News]
NEW YORK, June 12, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Sprint Corporation (“Sprint” or the “Company”) (NYSE: S) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and indexed under 19-cv-05272, is on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Sprint securities between January 31, 2019 and April 16, 2019, inclusive (the “Class Period”). This action is brought on behalf of the Class for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§ 78j(b) and 78t(a) and Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. § 240.10b-5.
If you are a shareholder who purchased Sprint securities during the class period, you have until June 21, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at . To discuss this action, contact Robert S. Willoughby at or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Sprint is a communications company offering a comprehensive range of wireless and wireline communications products and services that are designed to meet the needs of individual consumers, businesses, government subscribers and resellers.
The Complaint alleges that during the Class Period, and unbeknownst to investors, Sprint misled investors by highlighting that it had 309,000 total postpaid net additions, a widely-watched metric by Wall Street analysts, while failing to disclose that these additions were not new customers, but instead driven by free lines offered to Sprint customers and the inclusion of less valuable tablet and other non-phone devices, as well as pre- to post-paid migrations that do not represent new Sprint customers.
The truth was revealed on April 15, 2019, when Sprint filed a letter with the Federal Communications Commission ("FCC") regarding the "Applications of T-Mobile US, Inc. and Sprint Corporation for Consent to Transfer Control of Licenses and Authorizations, WT Docket No. 18-197." (the "FCC Letter").
The FCC Letter was referenced in a Wall Street Journal Article entitled T-Mobile- Sprint Deal Runs Into Resistance From DOJ Antitrust Staff", published on April 16, 2019. The article made reference to the FCC Letter, noting that "Sprint said in a Monday FCC filing that its current performance would be unsustainable without the merger due to weak network infrastructure and a customer base prone to leave in search of better deals."
Following the submission of the FCC Letter, Sprint's stock price fell from $6.10 per share at close on Friday, April 12, 2019 to $5.88 per share at close on Monday, April 15, 2019, a drop of almost 4%. Sprint shares fell again following the publication of the April 16, 2019 Wall Street Journal article, from a close of $6.01 on April 16, 2019 to $5.64 per share at the close on April 17, 2019, a drop of over 6%.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT:Robert S. WilloughbyPomerantz LLP
Globe Newswire: 22:12 GMT Wednesday 12th June 2019
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