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NEW YORK, Dec. 26, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announce that a class action lawsuit has been filed against Uniti Group, Inc. f/k/a Communications Sales & Leasing, Inc. (“Uniti” or the “Company”) (NASDAQ: UNIT) and certain of its officers. The class action, filed in United States District Court, for the Eastern District of Arkansas, and docketed under 19-cv-00873, is on behalf of a class consisting of investors who purchased or otherwise acquired Uniti securities from April 20, 2015 through February 15, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Uniti securities during the class period, you have until December 30, 2019 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org 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 number of shares purchased.
Under Armour purports to develop, market, and distribute branded performance apparel, footwear, and accessories for men, women, and youth. In addition, the Company also purports to offer accessories, which include gloves, bags, and headwear; and digital fitness subscriptions, as well as digital advertising through MapMyFitness, MyFitnessPal, and Endomondo platforms.
The Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants failed to disclose that: (i) Uniti’s financial results were not sustainable because its customer Windstream had defaulted on its unsecured notes; and (ii) 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.
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 Findings of Facts and Conclusions of Law declaring that Windstream breached the indenture and awarding Aurelius a monetary judgement in the amount of $310,459,959.10 plus interest.
On this news, the price of the Uniti’s common stock declined $7.47 per share from a close of $19.98 per share of Uniti common stock on February 15, 2019, to a close of $12.51 per share of Uniti common stock on February 19, 2019, a drop of approximately 37.39%.
Over the course of the next three trading days, the price of the Uniti’s common stock continued to plummet, closing at $9.23 per share on February 22, 2019, an overall decline of 53.8%.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 www.pomerantzlaw.com
Robert S. Willoughby