The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Crown Castle Inter...
April 24 2020 - 12:00PM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming April 27, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of Crown Castle
International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI)
investors who purchased securities between February 26, 2018 and
February 26, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
On February 26, 2020, Crown Castle announced that it would
restate its financial statements for the years ended December 31,
2018 and 2017 and for the first three quarters in the year ended
December 31, 2019. According to the press release, the Company had
recognized service revenues from its tower installation services in
a manner that "was not acceptable under GAAP."
On this news, the Company’s share price fell $14.38 per share,
or over 8.8%, to close at $148.31 per share on February 27, 2020,
thereby injuring investors.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose that: (1) Crown Castle’s internal control over financial
reporting and disclosures controls and procedures were ineffective
and materially weak; (2) Crown Castle's financial accounting and
reporting was not in accordance with GAAP; (3) Crown Castle’s net
income, adjusted EBITDA, and AFFO were inflated; (4) 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; and (5) as a result, Defendants’ statements
about its business, operations, and prospects, were materially
false and misleading and/or lacked a reasonable basis at all
relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Crown Castle securities
during the Class Period, you may move the Court no later than
April 27, 2020 to request appointment as lead plaintiff in
this putative class action lawsuit. To be a member of the class
action 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 action. If you wish to learn more about this
class action, or if you have any questions concerning this
announcement or your rights or interests with respect to the
pending class action lawsuit, please contact Frank R. Cruz, of The
Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100,
Los Angeles, California 90067 at 310-914-5007, by email to
info@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/20200424005130/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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