NEW YORK, Nov. 17, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of purchasers of Straight Path Communications, Inc. (“Straight Path” or the “Company”) (NYSE:STRP) securities from October 29, 2013 through November 5, 2015, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Straight Path investors under the federal securities laws.
If you purchased Straight Path securities during the Class Period, you may, no later than January 12, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Straight Path Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com.
The complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the commercialization prospect for Straight Paths spectrum assets is less than touted; (2) Straight Path’s spectrum licenses were improperly obtained; and (3) as a result, Straight Path’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 29, 2015, Kerrisdale Capital published a report entitled “Straight Path Communications Inc. (STRP) The Next Generation of Overblown Spectrum Hype” (the “Kerrisdale Report”). The Kerrisdale Report questions the commercial viability of Straight Path’s spectrum licenses. Following this news, Straight Path’s shares fell $18.23 per share or over 38% to close at $29.35 per share on October 29, 2015, damaging investors.
On November 5, 2015, Sinclair Upton Research published a report entitled “Straight Path Communications Inc. (STRP) How to commit fraud against the FCC and get away with it (until now)” (the “Sinclair Report”). Following this news, Straight Path’s shares fell $13.70 per share or almost 52% to close at $12.81 per share on November 5, 2015, damaging investors.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to shareholder rights, the firm also practices in the areas of antitrust, personal injury, consumer protection, overtime, and product liability. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight “for the people.”
Attorney advertising. Prior results do not guarantee a similar outcome.