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

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Lawsuit Overview

Case Dismissed
Company
Frontier Communications Corp
Security
NASDAQ: FTR

Case Name
Frontier Communications Shareholder Class Action Lawsuit 09/26/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Connecticut

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 24, 2020 - The court denied the plaintiff's motion to amend the complaint. The case was dismissed.

May 10, 2019 - A motion to amend the complaint was filed.

March 8, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 29, 2018 - A motion to dismiss the amended consolidated complaint was filed.

April 30, 2018 - An amended consolidated complaint was 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.