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Fusion Connect, Inc. (NASDAQ: FSNN) Investor Securities Class Action Lawsuit 04/17/2019

  • If you purchased shares of Fusion Connect, Inc. (NASDAQ: FSNN), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Fusion Connect, Inc.
Security
NASDAQ: FSNN

Case Name
Fusion Connect Shareholder Class Action Lawsuit 04/17/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Class Period End
Deadline To File for Lead
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Summary

June 13, 2019 - The case was voluntarily dismissed.

April 16, 2019 - An investor in shares of Fusion Connect, Inc. (NASDAQ: FSNN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Fusion Connect, Inc. in connection with certain allegedly false and misleading statements made between August 14, 2018 and April 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Fusion Connect, Inc. (NASDAQ: FSNN) common shares between August 14, 2018 and April 2, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 14, 2018 and April 2, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Fusion Connect’s earnings for the quarters ended June 30, 2018 and September 30, 2018 were overstated due to the insufficient precision in the process by which certain of its Birch Communications Holdings, Inc. subsidiaries capitalized costs, and that as a result, Fusion Connect’s public statements were materially false and misleading at all relevant times New York based Fusion Connect, Inc. provides integrated cloud solutions to small, medium, and large businesses. Its proprietary service platform enables the integration of solutions in the cloud, including cloud voice and unified communications, contact center, cloud connectivity, and cloud computing, as well as additional cloud services, such as storage and security.

On March 13, 2018, Fusion Connect, Inc announced that its earning call for the fourth quarter and full year of 2018 would be postponed.

Then, on April 2, 2019, Fusion Connect, Inc disclosed certain accounting errors related to a 2018 acquisition and stated that previously issued financial statements should no longer be relied upon. Fusion also relayed that additional accounting errors would further delay the filing of its 2018 Form 10-K. Shares of Fusion Connect, Inc. (NASDAQ: FSNN) declined from $6.22 per share in January 2018. to as low as $0.18 per share on April 3, 2019.