Lead Plaintiff Deadline is June 17, 2019
NEW YORK, June 07, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a federal securities class action with an expanded class period in the United States District Court for the Southern District of New York on behalf of investors that acquired Fusion Connect, Inc. (“Fusion” or the “Company”) (OTC: FSNNQ) securities between May 11, 2018 and April 2, 2019, inclusive (the “Class Period”). This action is captioned Grand Slam Capital Master Fund, Ltd. v. Rosen et al.; No. 1:19-cv-05362.
Investors who purchased shares of Fusion Connect, Inc. are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Fusion Connect, Inc., you may, no later than June 17, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Fusion Connect, Inc.
The complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Fusion Connect’s earnings for the quarters ended June 30, 2018 and September 30, 2018 were overstated due to the insufficient precision in the process by which certain of its Birch Communications Holdings, Inc. subsidiaries capitalized costs; and
- as a result, Fusion Connect’s public statements were materially false and misleading at all relevant times
On March 13, 2019, the Company announced that its earnings call for the fourth quarter and full year of 2018 would be postponed.
Then, on April 2, 2019, the Company disclosed certain accounting errors related to the 2018 acquisition of Birch Communications Holdings, Inc. and stated that previously issued financial statements should no longer be relied upon. Fusion also relayed that additional accounting errors would further delay the filing of its 2018 Form 10-K.
On this news, shares of Fusion fell $0.98 per share, or over 81%, to close at $0.22 on April 3, 2019.
Subsequent to the end of the class period, Fusion filed for bankruptcy protection, filing voluntary petitions under Chapter 11 in the Southern District of New York on June 3, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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