Lawsuit Overview
Settlement Overview
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The settlement includes not only Sprint Nextel Corporation stock (NYSE: S) but the following notes as well: - Sprint 6.375% Notes due 5/1/2009 (CUSIP No. 852060AF9) - Sprint 7.625% Notes due 1/30/2011 (CUSIP No. 852060AJ1) - Sprint 8.375% Notes due 3/15/2012 (CUSIP No. 852060AS1) - Nextel 6.875% Notes due 10/31/2013 (CUSIP No. 65332VBH5) - Nextel 5.95% Notes due 3/15/2014 (CUSIP No. 65332VBJ1) - Nextel 7.375% Notes due 8/1/2015 (CUSIP No. 65332VBG7) - Sprint 6.0% Notes due 12/1/2016 (CUSIP No. 852061AD2) - Sprint 6.9% Notes due 5/1/2019 (CUSIP No. 852060AG7) - Sprint 6.875% Notes due 11/15/2028 (CUSIP No. 852060AD4) - Sprint 8.75% Notes due 3/15/2032 (CUSIP No. 852060AT9) August 12, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice. August 5, 2015 - The court held a final settlement hearing. April 10, 2015 - The court preliminarily approved the settlement. March 30, 2015 - Parties filed a stipulation of settlement. March 27, 2014 - The court granted the plaintiffs’ motion for class certification. September 6, 2013 - The plaintiffs filed a notice of recent authority on motion for class certification. March 25, 2013 - The court granted in part and denied in part the defendants motion to strike. July 23, 2012 - Defendants filed a motion to strike. November 17, 2011 - The plaintiffs filed a motion for class certification. February 23, 2011 - The court denied the motion for Certificate of Appealability. January 20, 2011 - The defendants filed a motion for Certificate of Appealability for Defendants' Motion to Certify for Interlocutory Appeal of the Court's January 6, 2011 Order and to Stay the Proceedings Pending Determination of the Motion. January 6, 2011 - The court denied the defendants' motion to dismiss. October 5, 2009 - The defendants filed a motion to dismiss. August 11, 2009 - The lead plaintiffs filed an amended consolidated complaint. June 5, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated. May 11, 2009 - Lead plaintiff motions were filed. March 10, 2009 - An investor in shares of Sprint Nextel Corporation (now known as Sprint Corporation) (NYSE: S) filed a lawsuit in the U.S. District Court for the District of Kansas against Sprint Nextel Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 26, 2006 and February 27, 2008. According to the complaint, the plaintiff alleges that Sprint Nextel Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between October 26, 2006 and February 27, 2008 materially false and misleading statements regarding the its business and financial results and as a result of defendants' false statements, Sprint Nextel Corporation stock (NYSE: S) traded at artificially inflated prices. In December 2004, Sprint Corporation and Nextel Communications announced that they would merge. The merger was completed on August 12, 2005, with Sprint Corporation buying Nextel Communications for $37.8 billion. The merger, so the lawsuit, turned out to be a disaster, as Sprint Nextel Corporation has had difficulties in combining the resources of the two companies due to culture clashes and technological issues. But the defendants repeatedly assured between October 26, 2006 and February 27, 2008 that Sprint Nextel Corporation was poised for a turnaround and was focused on improving its core operations. As late as the summer of 2007, defendants continued to play down and conceal Sprint Nextel Corporation's problems with its network and with its customer service issues and subscriber base. Beginning in early Fall 2007, Sprint Nextel Corporation finally began to acknowledge that its initiatives were not working and that Sprint Nextel Corporation was experiencing a serious deterioration in its subscriber base, due both to a slow down in new growth and a massive defection of its current subscribers to its competitors. On February 28, 2008, before the market opened, Sprint Nextel Corporation reported disappointing fourth quarter and full year 2007 financial results, including a net loss for the quarter of $29.5 billion or $10.36 diluted loss per share and on this news, Sprint Nextel Corporation's (NYSE: S) stock collapsed $0.86 per share to close at $8.09 per share, so the lawsuit.