The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Sprint Corporation (NYSE: S) who purchased securities between January 31, 2019 and April 16, 2019. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose material information. In particular, it is alleged that throughout the class period Sprint misrepresented the number of net postpaid subscriber additions in its Form 10-Q for the period ending December 31, 2018. Sprint would later admit that the data was “incomplete,” and “not a substitute for a realistic analysis of the key factors that are most probative of Sprint’s overall competitive position and prospects,” because “postpaid net additions recently have been driven by ‘free lines’ offered to Sprint customers and the inclusion of less valuable tablet and other non-phone devices, as well as pre to post migrations that do not represent ‘new’ Sprint customers.”
Shareholders have until June 21, 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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