SAN DIEGO, Dec. 01, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New Jersey on behalf of certain purchasers of shares of Straight Path Communications Inc (NYSEMKT:STRP) over alleged Securities Laws Violations by Straight Path Communications Inc.
Investors who purchased shares of Straight Path Communications Inc (NYSEMKT:STRP) have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2016. (NYSEMKT:STRP) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants issued certain allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that the commercialization prospect for Straight Path’s spectrum assets is less than touted, that Straight Path Communications Inc’s spectrum licenses were improperly obtained, and that as a result, Straight Path Communications Inc’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 29, 2015, an article entitled “Straight Path Communications Inc.: The Next Generation Of Overblown Spectrum Hype” was published. The article, by Kerrisdale Capital Management, alleged that Straight Path Communications is worth at least “90% less than its current market cap” due to, among other things: shortcomings in its spectrum, low demand contrasted with high supply, and difficulties of practical mmWave deployments.
On the same day Straight Path Communications Inc issued a statement in response to the report released by Kerrisdale Capital.
Then on November 5, 2015, another report was published on Straight Path Communications Inc alleging that “there is overwhelming evidence that the vast majority of Straight Path Communications' 39 GHz spectrum licenses' Required Notification of Construction/Coverage Applications were obtained under fraudulent misrepresentation.”
Shares of Straight Path Communications Inc (NYSEMKT:STRP) declined from $50.00 per share on October 23, 2015, to as low as $7.62 per share on November 23, 2015.
Those who purchased Straight Path Communications Inc (NYSEMKT:STRP) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.