Shareholder Alert: Robbins LLP Reminds Investors Uniti Group Inc. (UNIT) Sued for Misleading Shareholders
December 10 2019 - 6:21PM
Business Wire
Shareholder rights law firm Robbins LLP announces that another
purchaser of Uniti Group Inc. (NASDAQ: UNIT) filed a class action
complaint for alleged violations of the Securities Exchange Act of
1934 between April 20, 2015 and February 15, 2019. Uniti Group is
an internally managed real estate investment trust specialized in
the acquisition and construction of essential-to-survival
infrastructure in the communications industry. Uniti Group changed
its name from Communications Sales & Leasing, Inc. in February
2017.
If you suffered a loss as a result of Uniti's misconduct, click
here.
Uniti Group Inc. (UNIT) Accused of Misleading
Shareholders
According to the complaint, in March 2015, Uniti spun off from
Windstream Holdings, Inc. Simultaneously, Windstream became Uniti's
main customer. However, when Uniti began publicly trading in April
2015, the Company failed to disclose in its information statement
that its financial results were not sustainable because Windstream
had defaulted on its unsecured notes. Then, on September 21, 2017,
the hedge fund Aurelius Capital Master, Ltd., an owner of more than
25% of Windstream's unsecured notes, served a notice to Windstream
that the spin-off of Uniti constituted a sale and leaseback in
breach of the notes' indenture. As a result, on February 15, 2019,
United States District Judge Jesse M. Furman ruled that the 2015
Windstream breached the indenture and awarded Aurelius a monetary
judgment in the amount of $310,459,959.10 plus interest. On this
news, Uniti's share price fell $10.75, or almost 54%, over the
course of the next three trading days to close at $9.23. The stock
continues decline and currently trades at around $7.00.
Uniti Group Inc. (UNIT) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested. Click here to receive free alerts from Stock Watch
when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191210006073/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
Uniti (NASDAQ:UNIT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Uniti (NASDAQ:UNIT)
Historical Stock Chart
From Apr 2023 to Apr 2024