A lawsuit was filed on behalf of investors in Frontier Communications Corp (NASDAQ:FTR) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/17/2017 -- An investor, who purchased NASDAQ:FTR shares, filed a over alleged violations of Federal Securities Laws by Frontier Communications Corp in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Frontier Communications Corp (NASDAQ:FTR) should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
In April 2016, Frontier completed the acquisition of the wireline operations of Verizon Communications, Inc. in California, Texas and Florida (the "Verizon Acquisition"), for a purchase price of $10.5 billion in cash and assumed debt. Frontier Communications Corp reported that its annual Total Revenue rose from over $5.57 billion in 2015 to over $8.89 billion in 2016.
According to the complaint filed in this lawsuit, defendants failed to disclose the underperformance of the Verizon Acquisition. The plaintiff alleges on behalf of purchasers of Frontier Communications Corp (NASDAQ:FTR) common shares between April 1, 2016, and May 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 1, 2016, and May 2, 2017, the defendants made materially false and/or misleading statements by failing to disclose that the Company acquired a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc, that, as a result, the Company would be required to increase its reserves, and write off amounts from accounts receivable associated with the non-paying accounts, and that, as a result of the foregoing, Defendants' statements about Frontier's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Those who purchased shares of Frontier Communications Corp (NASDAQ:FTR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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