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MetroPCS Communications Inc (NYSE: PCS) Investor Securities Class Action Lawsuit 12/15/2009

  • If you purchased shares of MetroPCS Communications Inc (NYSE: PCS), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
MetroPCS Communications Inc.
Security
NYSE: PCS

Case Name
MetroPCS Communications Shareholder Class Action Lawsuit 12/15/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

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

March 25, 2011 - The court granted defendants' motion to dismiss.
August 9, 2010 - Defendants filed a motion to dismiss.

June 25, 2010 - The lead plaintiff filed an amended complaint on behalf of investors who purchased MetroPCS Communications Inc (NYSE: PCS) common shares between February 26, 2009 and November 5, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 26, 2009 and November 5, 2009.

May 11, 2010 - Lead plaintiff and lead counsel were appointed.

February 16, 2010 - Lead plaintiff motion was filed.

December 15, 2009 - An investor in shares of MetroPCS Communications Inc (NYSE: PCS) filed a lawsuit in the U.S. District Court for the Northern District of Texas on behalf of purchasers of MetroPCS Communications Inc (NYSE: PCS) common stock during the period between February 26, 2009 and November 4, 2009, against MetroPCS Communications Inc and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that MetroPCS Communications Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 26, 2009 and November 4, 2009 a series of false and misleading statements and/or concealed material adverse facts regarding its business and prospects. Then, on November 5, 2009, before the market opened, MetroPCS Communications Inc issued a press release announcing its third quarter 2009 financial results, reporting that its net additions were below expectations due to elevated churn and a deceleration in gross additions, and lowering its guidance for the year. In response to the lowered guidance, so the lawsuit, the price of MetroPCS Communications Inc stock (PCS) fell $0.61 per share, or 9%, to close at $6.01 per share.

MetroPCS Communications Inc, located in Richardson, Texas, is a wireless communications provider that offers wireless broadband mobile services under the MetroPCS brand in selected metropolitan areas in the United States over its own licensed networks or networks of entities, in which the Company holds a substantial non-controlling ownership interest.

MetroPCS Communications Inc reported in 2007 Total Revenue of $2.23573billion with a Net Income of $100.4million and in 2008 Total Revenue of $2.75152billion with a Net Income of $149.44million. Shares of MetroPCS Communications Inc (NYSE: PCS) traded recently at $7.18 per share, down from its 52weekHigh of $18.98 per share, $21.73 per share in May 2008, and almost $40 per share in 2007.