Frontier Communications Corp (NASDAQ: FTR) Investor Securities Class Action Lawsuit 09/26/2017

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Company Name(s): 
Frontier Communications
Case Name: 
Frontier Communications Shareholder Class Action Lawsuit 09/26/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FTR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/26/2017
Class Period Begin: 
02/06/2015
Class Period End: 
02/28/2018
Court of Filing: 
U.S. District Court for the District of Connecticut
Deadline To File for Lead: 
11/27/2017
Summary: 

April 30, 2018 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Frontier Communications Corp (NASDAQ: FTR) common shares between February 6, 2015 and February 28, 2018. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between February 6, 2015 and February 28, 2018.

April 24, 2018 - Cases were consolidated.

January 18, 2018 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

November 27, 2017 - Lead plaintiff motions were filed.

September 26, 2017 - An investor in shares of Frontier Communications Corp (NASDAQ: FTR) filed a lawsuit in the U.S. District Court for the District of Connecticut over alleged violations of Federal Securities Laws by Frontier Communications Corp in connection with certain allegedly false and misleading statements made between April 1, 2016, and May 2, 2017.

Norwalk, CT based Frontier Communications Corp is a provider of communications services in the United States. In April 2016, Frontier Communications Corp 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 Communications Corp’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Shares of Frontier Communications Corp (NASDAQ: FTR) declined on September 22, 2017 to as low as $11.70 per share.