A lawsuit was filed on behalf of investors in Straight Path Communications Inc (NYSEMKT:STRP) shares over alleged securities laws violations and NYSEMKT:STRP investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/06/2016 -- A shareholder in Straight Path Communications Inc (NYSEMKT:STRP) filed a lawsuit in New Jersey over alleged violations of Federal Securities Laws by Straight Path Communications Inc.
Investors who purchased shares of Straight Path Communications Inc (NYSEMKT:STRP) have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2016. NYSEMKT:STRP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
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."
Shares of Straight Path Communications Inc (NYSEMKT:STRP) declined on November 13, 2015, to as low as $8.86 per share.
Those who purchased shares of Straight Path Communications Inc (NYSEMKT:STRP) 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