NEW YORK, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against GTT Communications, Inc. (“GTT” or the “Company”) (NYSE: GTT) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of GTT between May 5, 2016 and November 9, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for GTT investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s internal controls suffered from issues related to the recording and reporting of Cost of Telecommunications Services; (2) the Company’s previously reported Cost of Telecommunications was inaccurate or accounted for unsupported adjustments; (3) inadequate internal controls would result in delays in the Company’s 10-Q quarterly reports; and (4) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading and/or lacked a reasonable basis.
Investors who purchased or otherwise acquired shares of GTT during the Class Period should contact the Firm prior to the March 15, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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