Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of Arkansas on behalf of investors that purchased Uniti Group, Inc. (NASDAQ: UNIT) securities between April 20, 2019 to June 24, 2019 (the "Class Period"). Investors have until December 30, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
The complaint, filed on October 25, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Uniti’s financial results were not sustainable because its customer Windstream had defaulted on its unsecured notes; (2) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 21, 2017, hedge fund Aurelius Capital Master, Ltd. ("Aurelius"), the owner of more than 25% of Windstream's unsecured notes due 2023, provided 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 released its Findings of Facts and Conclusions of Law declaring that Windstream breached the indenture and awarding Aurelius a monetary judgement in the amount of $310,459,959.00 plus interest.
On this news, the price of the Uniti stock declined $7.47 per share, from a close of $19.98 per share on February 15, 2019 to a close of $12.51 on February 19, 2019, a drop of approximately 37.39 percent.
Over the course of the next three trading days, the price of the Uniti's stock continued to plummet to close at $9.23 on February 22, 2019, an overall decline of 53.80 percent.
If you purchased Uniti Group securities during the Class Period, continue to hold shares purchased before the Class Period, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.