Lawsuit Overview
March 22, 2018 - The case was voluntarily dismissed.
January 18, 2018 - An investor in shares of Vodafone Group Plc (ADR) (NASDAQ:VOD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Vodafone Group Plc in connection with certain allegedly false and misleading statements made between February 11, 2015 and January 11, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Vodafone Group Plc (ADR) (NASDAQ:VOD) common shares between February 11, 2015 and January 11, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 11, 2015 and January 11, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Vodafone had contravened Australian law by permitting customers to purchase pre-paid mobile phones without first verifying their identities.
On January 10, 2018, the Australian Communications and Media Authority ( ACMA) announced that an investigation into Vodafone Australia ( VHA ) revealed that VHA had contravened Australian law by permitting customers to purchase pre-paid mobile phones without first verifying their identities. Specifically, an update to VHA's website allowed customers to select that their identity had been verified in a store and then proceed to activate their service through use of the website without confirming that the customers' identities had in fact been verified, as required by law. VHA has entered into an enforceable undertaking with ACMA to ensure that its identity checks are up to date. Shares of Vodafone Group Plc (ADR) (NASDAQ:VOD) declined on January 11, 2018 at $30.91 per share.
On January 17, 2018, NASDAQ: VOD shares closed at $31.32 per share.