NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announced today that approximately one month remains to file a motion for lead plaintiff in a class action pending in the United States District Court for the Southern District of New York on behalf of all persons or entities (the “Class”) who purchased the common stock of Sprint Corporation (“Sprint” or the “Company”) (NYSE:S) during the period between January 31, 2019 and April 16, 2019 (the “Class Period”). The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. If you wish to serve as lead plaintiff in the Sprint class action, you must move the court no later than June 21, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
Sprint is a communications company that sells wireless and wireline communications products and services to individuals, businesses, government entities, and resellers.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the number of net postpaid subscriber additions in its Form 10-Q filing with the Securities and Exchange Commission (“SEC”) for the period ending December 31, 2018 (the “10-Q”). Specifically, in the 10-Q the Company highlighted that it had made 309,000 total postpaid net additions – a closely watched metric by Wall Street analysts – but failed to disclose that these increases were driven by free lines offered to Sprint customers.
On April 15, 2019, in a letter filed with the Federal Communications Commission (“FCC”), Sprint admitted that the data in the 10-Q was “incomplete” and “not a substitute for a realistic analysis of the key factors that are most probative of Sprint’s overall competitive position and prospects” because some of the cited subscriber additions did not represent new Sprint customers.
If you purchased Sprint common stock, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/sprint-s-lawsuit-class-action-fraud-stock-128/ or contact Matthew Guarnero toll free at (877) 779-1414 or via email at MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
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SOURCE Bernstein Liebhard LLP