BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Sprint Corporation (“Sprint” or the “Company”) (NYSE: S) securities between January 31, 2019 and April 16, 2019, inclusive (the “Class Period”). Sprint investors have until June 21, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Sprint 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 April 15, 2019, Sprint responded to the Federal Communications Commission (“FCC”) review of the Company’s proposed merger with T-Mobile US Inc., stating that “Sprint is in a very difficult situation that is only getting worse.” Then, on April 17, 2019, The Wall Street Journal published an article stating that Sprint “has touted adding new wireless connections for six straight quarters[, but] many of those gains were free lines or existing customers that switched services.”
On this news, the Company’s share price fell $0.37 per share, more than 6%, to close at $5.64 per share on April 17, 2019, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company’s reported number of net postpaid subscriber additions was incomplete; (2) this increase in postpaid subscribed additions was driven by “free lines” offered to existing customers; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
If you purchased shares of Sprint, have information or 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 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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