TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Uniti Group Inc. (NASDAQ: UNIT) Investor Securities Class Action Lawsuit 10/29/2019

  • If you purchased shares of Uniti Group Inc. (NASDAQ: UNIT), you may have certain options. Please 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

Company
Uniti Group Inc.
Security
NASDAQ: UNIT

Case Name
Uniti Group Shareholder Class Action Lawsuit 10/29/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Uniti Group Inc..
Summary

March 31, 2021 - The court denied the defendants' motion to dismiss.

July 10, 2020 - A motion to dismiss the amended consolidated complaint was filed.

May 11, 2020 - An amended consolidated complaint was filed.

October 29, 2019 - An investor in shares of Uniti Group Inc. (NASDAQ: UNIT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Uniti Group Inc. in connection with certain allegedly false and misleading statements made between April 20, 2015 and February 15, 2019.

Little Tock, AR based Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry.

On September 21, 2017, hedge fund Aurelius Capital Master, Ltd. (“Aurelius”), which owns more than 25% of Windstream’s unsecured notes due 2023, gave written notice to Windstream that the spin-off of Uniti Group Inc. constituted a sale and leaseback in breach of the notes’ indenture. Uniti Group Inc. reported that its annual Total Revenue rose from $916.03 million in 2017 to over $1.01 billion in 2018 and that its Net Loss of $9.43 million in 2017 turned to a Net Income of $16.18 million in 2018. On February 15, 2019, United States District Judge Jesse M. Furman determined that Windstream had breached the indenture and awarded Aurelius a monetary judgement exceeding $310 million.

On February 25, 2019, Windstream declared Chapter 11 bankruptcy. Shares of Uniti Group Inc. (NASDAQ: UNIT) declined from $20.00 per share on February 15, 2019 to as low as $8.06 per share on March 8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Uniti Group Inc. (NASDAQ: UNIT) common shares between April 20, 2015 and February 15, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 20, 2015 and February 15, 2019, the Uniti made materially false and/or misleading statements and/or failed to disclose that Uniti’s financial results were not sustainable because its customer Windstream had defaulted on its unsecured notes, and that as a result of the foregoing, Defendants’ statements about Uniti’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.