NEW
YORK, June 16, 2023 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action
lawsuit has commenced on behalf of shareholders of Telephone and
Data Systems, Inc. (NYSE: TDS).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/tds-class-action-loss-submission-form/?id=40867&from=4
The lawsuit seeks to recover losses for shareholders who
purchased TDS between May 6, 2022 and
November 3, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
July 3, 2023 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Telephone and Data Systems, Inc.
issued materially false and/or misleading statements and/or failed
to disclose that: (i) defendants had no reason to believe
UScellular's "free upgrade" promotional activity, which was tested
and trialed during the second quarter of 2022, was effective at
reducing the UScellular's postpaid churn rate as they represented
to investors, as opposed to merely adding new postpaid subscribers,
when its churn rate was actually increasing or remaining constant
over most quarters in the class period; (ii) UScellular was not
making progress with respect to its churn rate, as it represented
to investors; (iii) UScellular was not in fact balancing its
promotional activity and its profitability; (iv) due to extreme
competition among postpaid carriers, UScellular did not have the
flexibility to offset the costs from widespread, expensive
promotions with price increases; and (v) as a result of the
Companies' decision for UScellular to continue engaging in heavy
promotions to address its postpaid subscriber churn rate despite
any lack of positive impact on churn rate, UScellular's
profitability substantially declined.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law