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WILMINGTON, Del., May 02, 2019 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Sprint Corporation (“Sprint” or the “Company”) (NYSE: S) between January 31, 2019 and April 16, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Sprint during the Class Period, or purchased shares prior to the Class Period and still hold Sprint, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company’s reported number of net postpaid subscriber additions was incomplete; (2) this increase in postpaid subscribed additions was driven by “free lines” offered to existing customers; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, April 15, 2019, Sprint responded to the Federal Communications Commission (“FCC”) review of the Company’s proposed merger with T-Mobile US Inc., stating that “Sprint is in a very difficult situation that is only getting worse.” Then, on April 17, 2019, The Wall Street Journal published an article stating that Sprint “has touted adding new wireless connections for six straight quarters[, but] many of those gains were free lines or existing customers that switched services.”
On this news, shares of Sprint declined more than 6%, closing at $5.64 per share on April 17, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 21, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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