A lawsuit was filed on behalf of investors in BT Group plc (ADR) (NYSE:BT) shares over alleged securities laws violations. Deadline: March 27, 2017. NYSE:BT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/31/2017 -- An investor, who purchased shares of BT Group plc (ADR) (NYSE:BT), filed a lawsuit in New Jersey over alleged violations of Federal Securities Laws by BT Group plc in connection with certain allegedly false and misleading statements made between May 24, 2012 and January 20, 2017.
Investors who purchased shares of BT Group plc (ADR) (NYSE:BT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 27, 2017. NYSE:BT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that between May 24, 2012 and January 20, 2017 the Defendants made false and/or misleading statements and/or failed to disclose thatBT Group misstated its earnings due to improper accounting practices and improper sales, purchase, factoring and leasing transactions in its Italian operations, that BT Group lacked effective internal controls, and that as a result, Defendants' statements about BT Group's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 27, 2016, BT Group plc announced its results for its second quarter to September 30, 2016. BT Group plc also disclosed that during an initial internal investigation it identified certain historical accounting errors and reassessed certain areas of management judgement in its BT Italia operations and announced the write down of items on the balance sheet by £145m.
On January 24, 2017, BT Group plc announced an update on its investigation into BT's Italian business and on its outlook. BT Group plc revealed that it had underestimated the extent of the accounting scandal at its Italian division and was taking a write-down of £530m—more than three times its previous estimate of £145m—for improper accounting practices and transactions in Italy over a number of years.
Shares of BT Group plc (ADR) (NYSE:BT) declined from $35.87 per share in February 2016 to as low as $19.14 per share on January 24, 2017.
Those who purchased shares of BT Group plc (ADR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com