In October 2016, BT exposed an initial investigation into historical accounting practices in its Italian division, resulting in several years of overstated earnings, and stated a substantial write-down. After finding this overstatement and corrupt practices in its Italian division, on January 24, 2016, BT cut its predictions of its revenue, earnings and free cash flow for 2017 and 2018. Consequently, the write-down size on BT's Italian business has more than doubled and the Company said that its revenue would not grow for the next two years and that its earnings guidance has been significantly reduced. "We are deeply disappointed with the improper practices which we have found in our Italian business," Chief Executive Gavin Patterson said. Following this news, BT stock has dropped as much as $5.29 per share, or 21.65%, to a low of $19.14 during intraday trading on January 24, 2017.
If you are aware of any facts relating to this investigation, or purchased BT shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/bt. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
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