STEVENSON, Md., May 01, 2019 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Sprint Corporation (NYSE: S) (“Sprint” or the “Company”) securities during the period between January 31, 2019 and April 16, 2019, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 21, 2019 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Sprint securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s total postpaid net additions were not new customers, but instead driven by free lines offered to Sprint customers and the inclusion of less valuable tablet and other non-phone devices, as well as pre- to post-paid migrations that do not represent new Sprint customers.
According to the complaint, following an April 15, 2019 filing of a letter by Sprint with the Federal Communications Commission stating that its individual metrics were incomplete, and the April 16, 2019 referencing and expanding on the letter, the value of Sprint shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Sprint securities purchased on or after January 31, 2019 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You do not need to take any action at this time to be a member of the class.