INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Crown Castle Interna...
March 06 2020 - 07:30PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
District of New Jersey on behalf of those who acquired Crown Castle
International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI)
securities during the period from February 26, 2018 through
February 26, 2020. Investors have until April 27, 2020 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) Crown Castle’s internal control over financial reporting and
disclosures controls and procedures were ineffective and materially
weak; (ii) Crown Castle’s financial accounting and reporting were
not in accordance with GAAP; (iii) Crown Castle’s net income,
adjusted EBITDA, and adjusted funds from operations were inflated;
and (iv) Crown Castle would need to restate its financial
statements for the years ended December 31, 2018 and 2017, and
unaudited financial information for the quarterly and year-to-date
periods in the year ended December 31, 2018 and for the first three
quarters in the year ended December 31, 2019.
On February 26, 2020, Crown Castle announced that its
“long-standing historical practice with respect to services
revenues... was not acceptable under GAAP” and that the Company
would restate its financial statements for the years ended December
31, 2018 and 2017. Crown Castle also announced that “the
preliminary impact to each of Net Income, Adjusted EBITDA, and AFFO
is a decrease of approximately $100 million for full year 2019
actuals and a decrease of approximately $90 million to our Previous
2020 Outlook.”
On this news, Crown Castle’s share price fell $14.38, or 8.8%,
to close at $148.31 per share on February 27, 2020.
If you acquired Crown Castle securities, have information, or
would like to learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
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/20200306005544/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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