Altice USA Inc (NYSE: ATUS) Investor Securities Class Action Lawsuit 11/19/2018

If you purchased shares of Altice USA Inc (NYSE: ATUS), you have certain options and for certain investors are short and strict deadlines running. Deadline: January 18, 2019. NYSE: ATUS investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Altice
Case Name: 
Altice Shareholder Class Action Lawsuit 11/19/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: ATUS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/19/2018
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
01/18/2019
Summary: 

An investor in shares of Altice USA Inc (NYSE: ATUS) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Altice USA Inc in connection with certain allegedly false and misleading statements made in connection with Altice’s June 2017 initial public offering.

Long Island City, NY based Altice USA Inc, together with its subsidiaries, provides broadband communications and video services in the United States. Altice USA Inc held its initial public offering in June 2017, raising approximately $2.15 billion. After touting the company's "competitive advantage" in its registration statement, on November 3, 2017, Altice USA Inc revealed declining revenue, margin, and earnings in France and Portugal. On February 27, 2018, Altice USA Inc reported its full year and fourth quarter 2017 results. Altice USA Inc reported that its annual Total Revenue rose from over $6.01 billion in 2016 to over $9.32 billion in 2017 and that its Net Loss of $823.03 million in 2016 turned into a Net income of over $1.52 billion in 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of the securities of Altice USA, Inc. (NYSE: ATUS) pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Offering Documents”) issued in connection with Altice’s June 2017 IPO, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Offering Documents issued pursuant to the IPO failed to disclose and/or misstated material information, including that “The Altice Way” proprietary growth model previously developed in Europe and described in the Offering Documents as a means to achieve superior margin performance was falsely touting Altice’s capacity to face already existing highly competitive environments and ever-changing consumer behaviors, that Altice was suffering from aggressively growing competition both in Europe and the United States, directly causing negative and decelerating revenue and EBITDA growth and impacting Altice’s market share, that specifically, Altice was suffering from mismanaged rate events, regulatory compliance and poorly managed network and customer care both in its France and Portugal segments, thereby impacting its customer base and churn rate, that Altice USA could not simply replicate the “The Altice Way” in the U.S. , and that as a result, Altice USA’s Offering Documents were materially misleading at all relevant times.