NEW ORLEANS, Nov. 16, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC ("KGS") announces that it has initiated an investigation into Virgin Mobile USA, Inc. ("Virgin Mobile" or the "Company") to determine its civil liability under the federal securities laws to shareholders in the wake of the Company's announcement today that its third-quarter loss widened after operating expenses rose.
The wireless service provider's shares fell $1.54, or 14.4 percent, to $9.19 Friday, after Virgin Mobile announced that its third quarter loss for the period ending September 30, 2007 widened to $7.3 million. This news, and subsequent share decline, comes only one month after the Company's October, 2007 initial public offering raised over $350 million, well after the end of the third quarter in which Virgin now reports a larger loss.
If you are a Virgin Mobile shareholder, and have information that may assist KGS in its investigation, or would like to discuss this matter and how it might affect you, you may e-mail or call KGS, without obligation or cost to you. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext. 100, via cell phone 504-301-7900, or by email at lewis.kahn@kgscounsel.com. KGS focuses its practice on securities litigation, and has been appointed lead counsel in numerous federal securities cases. For more information on KGS, please visit www.kgscounsel.com.