NEW YORK, Nov. 20, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP 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”).
Shareholders who incurred losses on shares purchased within the Class Period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased the shares of Straight Path Communications, Inc. during the period October 29, 2013 through November 5, 2015, inclusive, you may, no later than January 12, 2016, request that the Court appoint you lead plaintiff of the proposed class.
The filed 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.
On October 29, 2015, Kerrisdale Capital published a report entitled “Straight Path Communications, Inc. (STRP) The Next Generation of Overblown Spectrum Hype.” The report questioned 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.
Subsequently, 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).” Following this dissemination, Straight Path’s shares fell an additional $13.70 per share or almost 52%, to close at $12.81 per share on November 5, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Straight Path Investigation.”
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