The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of GTT Communications, Inc. (NYSE: GTT) who purchased shares between February 26, 2018 and July 1, 2019. The action, which was filed in the United States District Court for the Eastern District of Virginia, alleges that the Company violated federal securities laws.
In particular, the GTT lawsuit alleges that (1) following GTT's acquisition of Interoute Communications Holdings S.A., there were delays in migrating Interoute’s legacy systems and processes into GTT’s client management database system; (2) Interoute had made a strategic priority shift to sell cloud services that was a higher percentage of Interoute’s sales in the two years leading up to the acquisition; (3) a material percentage of the Interoute sales representatives were not productive at selling GTT’s core cloud networking services; (4) GTT was unable to yield as many Interoute salespeople because Interoute had hired many sales people focused on cloud services and allowed underperforming sales representatives to remain at Interoute; and (5) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until September 30, 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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