The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Uniti Group Inc. (...
December 20 2019 - 10:36PM
Business Wire
The Law Offices of Frank R. Cruz (“FRC”) reminds investors of
the upcoming December 30, 2019 deadline to file a lead
plaintiff motion in the class action filed on behalf of Uniti Group
Inc. (“Uniti” or the “Company”) (NASDAQ: UNIT) investors who
purchased securities between April 20, 2015 and February 15,
2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
In 2015, Uniti was spun-off from Windstream Holdings, Inc.
(“Windstream”). Following the spin-off, Windstream became Uniti’s
primary customer.
On September 21, 2017, hedge fund Aurelius Capital Master, Ltd.
(“Aurelius”), which owns more than 25% of Windstream’s unsecured
notes due 2023, gave written notice to Windstream that the spin-off
of Uniti constituted a sale and leaseback in breach of the notes’
indenture.
On February 15, 2019, United States District Judge Jesse M.
Furman determined that Windstream had breached the indenture and
awarded Aurelius a monetary judgment exceeding $310 million.
On this news, Uniti’s stock price fell $7.47 per share, or over
37%, to close at $12.51 per share on February 19, 2019, thereby
injuring investors.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that Uniti's financial results were not sustainable
because its customer Windstream had defaulted on its unsecured
notes; and (2) that as a result of the foregoing, Defendants'
statements about Uniti's business, operations, and prospects, were
false and misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Uniti securities during
the Class Period you may move the Court no later than December
30, 2019 to request appointment as lead plaintiff in this
putative class action lawsuit. To be a member of the Class you need
not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Frank R. Cruz, of
FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California
90067, at 310-914-5007, by email to fcruz@frankcruzlaw.com, or
visit our website at www.frankcruzlaw.com. If you inquire by email
please include your mailing address, telephone number, and number
of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191220005606/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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