A lawsuit was filed on behalf of investors in GTT Communications Inc (NYSE: GTT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/20/2019 -- An investor, who purchased shares of GTT Communications Inc (NYSE: GTT), filed a lawsuit over alleged violations of Federal Securities Laws by GTT Communications Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of GTT Communications Inc (NYSE: GTT) have certain options and for certain investors are short and strict deadlines running. Deadline: September 30, 2019. NYSE: GTT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
In February 2018, GTT Communications Inc announced that it was purchasing Interoute Communications Holdings S.A. ("Interoute"), a telecommunications company that operated Europe's largest cloud services platform in a transformational $2.3 billion acquisition that essentially doubled GTT Communications Inc's size.
On May 8, 2019, when GTT Communications Inc disclosed a larger than expected loss for the first quarter of 2019, including a sequential decline in revenues.
The plaintiff alleges that GTT Communications Inc blamed its poor performance on a host of issues with the Interoute Communications Holdings S.A. integration, including migrating legacy systems into GTT's management database, discrepancies with Interoute Communications Holdings' billing systems, and a poor salesforce. GTT Communications Inc further disclosed that shortly before the acquisition, Interoute Communications Holdings S.A. had made a strategic shift to sell cloud services that deviated from GTT's core cloud networking business.
The plaintiff claims that between February 26, 2018 and July 1, 2019, the GTT assured investors that it had conducted extensive due diligence on Interoute Communications Holdings S.A. , and the acquisition was a natural strategic fit for GTT—that the two companies "fit together almost hand in glove." After the deal closed, GTT assured investors that Interoute Communications Holdings' integration into the Company was "on track" and "not as complex" as many of the Company's previous integrations.
Those who purchased shares of GTT Communications Inc (NYSE: GTT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and 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. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Michael Daniels