Haeggquist & Eck, LLP Investigates Frontier Communications Corp. for Potential Misconduct Regarding Assets Acquired from Veri...
November 08 2017 - 9:01AM
Business Wire
Haeggquist & Eck, LLP (“HAE”) announces an investigation of
potential corporate misconduct at Frontier Communications
Corporation (NASDAQ: FTR) (“Frontier” or the “Company”).
Specifically, HAE is examining potential misrepresentations by
Frontier insiders concerning wireline operations Frontier acquired
from Verizon (NYSE: VZ) in April 2016. Frontier has since belatedly
admitted that many of the acquired wireline operations included
non-paying accounts. Indeed, by February 2017, Frontier suffered an
$80 million net loss for the fourth quarter of 2016, largely due to
these underperforming assets. This huge decline was followed by a
$75 million first quarter 2017 net loss, among other negative
financial impacts. Frontier’s stock trading price fell
substantially with the announcement of these losses.
Several securities class action lawsuits were filed against
Frontier in the United States District Court for the District of
Connecticut (“the Class Action”). The Class Action currently seeks
damages on behalf of shareholders who purchased and/or acquired
Frontier’s securities between April 1, 2016 and May 2, 2017. The
deadline to move to be appointed lead plaintiff in the Class Action
(“Lead Plaintiff Deadline”) is November 27, 2017.
Frontier Shareholders Have Legal Options
Frontier shareholders may contact Amber Eck or Kathleen
Herkenhoff by phone at 619-342-8000, or by e-mail to
ambere@haelaw.com or kathleenh@haelaw.com, to seek further
information concerning the Class Action, Lead Plaintiff Deadline,
or other types of representative actions available to seek relief
for the above described misconduct. If you choose to e-mail the
firm, please include a telephone number where we may contact you to
expedite answering your inquiries.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights and consumer protection law. Members of the firm
have helped shareholders recover more than $1 billion of value for
themselves and/or for the companies in which they have
invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20171108005363/en/
Haeggquist & Eck, LLP619-342-8000Amber Eck,
ambere@haelaw.comKathleen Herkenhoff, kathleenh@haelaw.com
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