A lawsuit was filed on behalf of investors in GTT Communications Inc (NYSE:GTT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/22/2021 -- An investor, who purchased shares of GTT Communications Inc (NYSE: GTT), filed a lawsuit over alleged violations of Federal Securities Laws by GTT Communications Inc.
Investors who purchased shares of GTT Communications Inc (NYSE: GTT) have certain options and for certain investors are short and strict deadlines running. Deadline: September 30, 2019. NYSE: GTT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
In February 2018, GTT Communications Inc announced that it was purchasing Interoute Communications Holdings S.A. ("Interoute"), a telecommunications company that operated Europe's largest cloud services platform in a transformational $2.3 billion acquisition that essentially doubled GTT Communications Inc's size.
On May 8, 2019, when GTT Communications Inc disclosed a larger than expected loss for the first quarter of 2019, including a sequential decline in revenues.
The plaintiff alleges that GTT Communications Inc blamed its poor performance on a host of issues with the Interoute Communications Holdings S.A. integration, including migrating legacy systems into GTT's management database, discrepancies with Interoute Communications Holdings' billing systems, and a poor salesforce. GTT Communications Inc further disclosed that shortly before the acquisition, Interoute Communications Holdings S.A. had made a strategic shift to sell cloud services that deviated from GTT's core cloud networking business.
The plaintiff claims that between February 26, 2018 and July 1, 2019, the GTT assured investors that it had conducted extensive due diligence on Interoute Communications Holdings S.A. , and the acquisition was a natural strategic fit for GTT—that the two companies "fit together almost hand in glove." After the deal closed, GTT assured investors that Interoute Communications Holdings' integration into the Company was "on track" and "not as complex" as many of the Company's previous integrations.
Shares of GTT Communications Inc (NYSE: GTT) declined from $62.00 per share in March 2018 to as low as $11.92 per share on July 30, 2019.
Those who purchased shares of GTT Communications Inc (NYSE: GTT) have certain options and should contact the Shareholders Foundation.
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