A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Sprint Nextel Corporation stock (NYSE:S) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on July 20, 2015 and NYSE:S investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/19/2015 -- A deadline is coming up on July 20, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Sprint Nextel Corporation stock (NYSE:S) between October 26, 2006 and February 27, 2008.
Investors who purchased a significant amount of shares of Sprint Nextel Corporation stock (NYSE:S) between October 26, 2006 and February 27, 2008, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Sprint Nextel Corporation stock (NYSE:S) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/sprint-nextel-corporation-nyse-s-investor-securities-class-action-lawsuit-03102009
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is July 20, 2015. The class action administrator for this case is Garden City Group LLC.
The lawsuit was originally filed in the U.S. District Court for the District of Kansas against Sprint Nextel Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 26, 2006 and February 27, 2008.
According to the complaint, the plaintiff alleges that Sprint Nextel Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between October 26, 2006 and February 27, 2008 materially false and misleading statements regarding the its business and financial results and as a result of defendants' false statements, Sprint Nextel Corporation stock (NYSE:S) traded at artificially inflated prices.
In December 2004, Sprint Corporation and Nextel Communications announced that they would merge. The merger was completed on August 12, 2005, with Sprint Corporation buying Nextel Communications for $37.8 billion. The merger, so the lawsuit, turned out to be a disaster, as Sprint Nextel Corporation has had difficulties in combining the resources of the two companies due to culture clashes and technological issues. But the defendants repeatedly assured between October 26, 2006 and February 27, 2008 that Sprint Nextel Corporation was poised for a turnaround and was focused on improving its core operations. As late as the summer of 2007, defendants continued to play down and conceal Sprint Nextel Corporation's problems with its network and with its customer service issues and subscriber base. Beginning in early Fall 2007, Sprint Nextel Corporation finally began to acknowledge that its initiatives were not working and that Sprint Nextel Corporation was experiencing a serious deterioration in its subscriber base, due both to a slowdown in new growth and a massive defection of its current subscribers to its competitors.
On February 28, 2008, before the market opened, Sprint Nextel Corporation reported disappointing fourth quarter and full year 2007 financial results, including a net loss for the quarter of $29.5 billion or $10.36 diluted loss per share and on this news, Sprint Nextel Corporation's (NYSE:S) stock collapsed $0.86 per share to close at $8.09 per share, so the lawsuit.
Sprint Nextel Corporation (now known as Sprint Corporation), provides both wireless and wireline communications services to consumers, businesses, and government users in the United States, Puerto Rico, and the U.S. Virgin Islands. The company was formerly known as Sprint Nextel Corporation and changed its name to Sprint Corporation on July 10, 2013. The company was founded in 1899 and is headquartered in Overland Park, Kansas. As of July 10, 2013, Sprint Corporation operates as a subsidiary of SoftBank Corp.
Those who purchased shares of Sprint Nextel Corporation stock (NYSE:S) have certain options and should contact the Shareholders Foundation.
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