Straight Path Communications Inc (NYSEMKT:STRP) Investor Investigation Over Possible Violations Of Securities Laws Announced

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Company Name(s): 
Straight Path Communications
Affected Securities: 

November 2, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Straight Path Communications Inc (NYSEMKT:STRP) shares over potential securities laws violations by Straight Path Communications and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Straight Path Communications Inc (NYSEMKT:STRP) concerning whether a series of statements by Straight Path Communications regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Straight Path Communications Inc reported that its Total Revenue rose from $4.80 million for the 12 months period that ended on July 31, 2014 to $13.24 million for the 12 months period that ended on July 31, 2015.

Shares of Straight Path Communications Inc (NYSEMKT:STRP) grew from $21.31 per share in late August 2015 to as high as $50 per share on October 23, 2015.

Then on October 29, 2015, an article entitled “Straight Path Communications Inc.: The Next Generation Of Overblown Spectrum Hype” was published. The article, by hedge fund manager Kerrisdale Capital Management, alleges that Straight Path Communications is worth at least “90% less than its current market cap” due to, among other things: shortcomings in its spectrum, low demand contrasted with high supply, and difficulties of practical mmWave deployments.

On the same day Straight Path Communications Inc issued a statement in response to the report released by Kerrisdale Capital.