The Klein Law Firm announces that a class action complaint has been filed on behalf of investors who purchased shares of Altice USA, Inc. (NYSE: ATUS) pursuant to the June 2017 Initial Public Offering. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that the Offering Documents issued pursuant to the IPO failed to disclose and/or misstated material information, including that: (1) “The Altice Way” proprietary growth model previously developed in Europe and described in the Offering Documents as a means to achieve superior margin performance was falsely touting Altice’s capacity to face already existing highly competitive environments and ever-changing consumer behaviors; (2) Altice was suffering from aggressively growing competition both in Europe and the United States, directly causing negative and decelerating revenue and EBITDA growth and impacting Altice’s market share; (3) specifically, Altice was suffering from mismanaged rate events, regulatory compliance and poorly managed network and customer care both in its France and Portugal segments, thereby impacting its customer base and churn rate; (4) Altice USA could not simply replicate the “The Altice Way” in the U.S.; and (5) as a result, Altice USA’s Offering Documents were materially misleading at all relevant times.
Shareholders have until January 18, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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