Shareholder Alert: Robbins LLP Reminds Investors Uniti Group Inc. (UNIT) Sued for Misleading Shareholders
December 31 2019 - 3:35PM
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 June 24, 2019. Uniti Group is a
real estate investment trust engaged in the acquisition and
construction of 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., with Windstream selling assets to Uniti
and Uniti leasing those assets back to Windstream. However, when
Uniti began publicly trading in April 2015, the Company failed to
disclose in its information statement that the sale-leaseback
transaction between it and Windstream was highly risky and violated
restrictive covenants within the indenture governing the sale of
Windstream notes. Then, on October 12, 2017, U.S. Bank, as Trustee,
filed the indenture litigation alleging the 2015 Uniti Spin-Off and
sale-leaseback transaction violated Windstream's indenture. As a
result, on February 15, 2019, United States District Judge Jesse M.
Furman ruled that the Uniti spin-off and sale-leaseback transaction
breached the indenture and awarded the Trustees and Aurelius
Capital Master, Ltd. a monetary judgment of over $300 million. 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
has yet to recover and currently trades at around $8.00.
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 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/20191231005198/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 Aug 2024 to Sep 2024
Uniti (NASDAQ:UNIT)
Historical Stock Chart
From Sep 2023 to Sep 2024