Public records indicate that a class action lawsuit has been filed on behalf of investors in Sprint (NYSE:S) in connection to alleged securities law violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Sprint between January 31, 2019 and April 16, 2019.
The class action complaint specifically alleges that during the period in question, Sprint provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company made misrepresentations in its Form 10-Q filed for the period concluding on December 31, 2018, regarding the number of net postpaid subscribers it gained; that in a later letter sent to the Federal Communications Commission, the company admitted that its disclosure in the Form 10-Q were “incomplete”; and that in the same letter. the company disclosed that the net subscriber additions it reported also included subscribers who had been given “free lines.” The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Sprint is a mobile technology company that offers “smartphones and tablets from top industry-leading manufacturers including Apple, Samsung, LG, HTC and more.” It serves consumers as well as enterprise clients, medium sized companies, and small businesses, offering wireless, wireline, and Internet of Things products and services. The company’s brands include Sprint, Boost Mobile, and Virgin Mobile. It has roughly 30,000 employees, 54.5 million customers as of March 31, 2019, and posted FY2018 revenue of $33.6 billion. Founded in 1988 in Abilene, Kansas, the company is headquartered in Overland Park, Kansas and trades on the New York Stock Exchange under the symbol S.