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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of August 2, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
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February 2, 2018 - The court preliminarily approved the settlement.
December 5, 2017 - An amended stipulation of settlement was filed by the parties.
October 10, 2017 - A stipulation of settlement was filed by the parties.
August 16, 2016 - A motion to dismiss the amended complaint was filed.
June 17, 2016 - An amended complaint was filed.
November 13, 2015 - An investor in shares of Straight Path Communications Inc (NYSEMKT: STRP) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Straight Path Communications Inc in connection with certain allegedly false and misleading statements made between October 29, 2013 and November 5, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Straight Path Communications Inc (NYSEMKT: STRP) common shares between October 29, 2013 and November 5, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between October 29, 2013 and November 5, 2015 defendants issued allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that the commercialization prospect for Straight Path Communications Inc’s spectrum assets is less than touted, that Straight Path Communications Inc’s spectrum licenses were improperly obtained, and that as a result, Straight Path Communications Inc’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. 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. On November 5, 2015, another report was published on Straight Path Communications Inc alleging that “there is overwhelming evidence that the vast majority of Straight Path Communications' 39 GHz spectrum licenses' Required Notification of Construction/Coverage Applications were obtained under fraudulent misrepresentation.”
Shares of Straight Path Communications Inc (NYSEMKT: STRP) declined on November 13, 2015, to as low as $8.86 per share.