An investigation on behalf of current long term investors in Straight Path Communications Inc (NYSEMKT:STRP) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSEMKT:STRP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/23/2016 -- An investigation for shareholders in Straight Path Communications Inc concerning potential breaches of fiduciary duties by certain directors and officers of Straight Path Communications Inc was announced.
Investors who are current long term investors in Straight Path Communications Inc (NYSEMKT:STRP) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSEMKT:STRP stocks follows a lawsuit filed recently against Straight Path Communications Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSEMKT:STRP stocks, concerns whether certain Straight Path Communications officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims 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.
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."
Those who purchased shares of Straight Path Communications Inc (NYSEMKT:STRP) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego