NEW YORK, NY / ACCESSWIRE / November 23, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Zayo Group Holdings, Inc. ("Zayo" or the "Company") (ZAYO). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Zayo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 7, 2018, Zayo announced "plans to separate into two publicly traded companies: one to focus on providing core communications infrastructure and another to leverage infrastructure to provide solutions for a broad set of enterprise customers." On November 8, 2018, Zayo announced its financial and operating results for the first quarter of fiscal year 2019. Among other results, Zayo announced that its net income had decreased by $20.7 million over the previous quarter, and reported a net loss of $3.4 million from the Company's Allstream segment.
Following these disclosures, Zayo's stock price fell $7.82 per share, or 25.74%, to close at $22.56 per share on November 8, 2018.
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
SOURCE: Pomerantz LLP