An investigation on behalf of investors in Straight Path Communications Inc (NYSEMKT:STRP) shares over potential wrongdoing at Straight Path Communications was announced and NYSEMKT:STRP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/07/2016 -- An investigation on behalf of current long-term investors in shares of Straight Path Communications Inc (NYSEMKT:STRP) was announced over potential breaches of fiduciary duties by certain officers and directors at Straight Path Communications.
Investors who purchased shares of Straight Path Communications Inc (NYSEMKT:STRP) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Straight Path Communications directors breached their fiduciary duties and caused damage to the company and its shareholders.
On October 29, 2015, an article entitled "Straight Path Communications Inc.: The Next Generation Of Overblown Spectrum Hype" was published. The article, by hedge fund manager Kerrisdale Capital Management, alleges that Straight Path Communications is worth at least "90% less than its current market cap" due to, among other things: shortcomings in its spectrum, low demand contrasted with high supply, and difficulties of practical mmWave deployments. On the same day Straight Path Communications Inc issued a statement in response to the report released by Kerrisdale Capital.
On November 5, 2015, another report was published on Straight Path Communications Inc alleging that "there is overwhelming evidence that the vast majority of Straight Path Communications' 39 GHz spectrum licenses' Required Notification of Construction/Coverage Applications were obtained under fraudulent misrepresentation."
On November 13, 2015, a lawsuit was filed against Straight Path Communications Inc over alleged securities laws violations. The plaintiff claimed that between October 29, 2013 and November 5, 2015 defendants issued allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that the commercialization prospect for Straight Path's spectrum assets is less than touted, that Straight Path Communications In's spectrum licenses were improperly obtained, and that as a result, Straight Path Communications Inc's public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Straight Path Communications Inc have certain options and should contact the Shareholders Foundation.
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