RADNOR, Pa., Nov. 17, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Straight Path Communications, Inc. (NYSE: STRP) ("Straight Path" or the "Company") on behalf of purchasers of the Company's securities between October 29, 2013 and November 5, 2015, inclusive (the "Class Period").
Straight Path shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at firstname.lastname@example.org.
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/straight-path-communications-inc.
Straight Path is a communications asset company. The Company reports in public filings that it holds 828 licenses of 39 gigahertz ("GHz") band and 133 licenses in the multipoint distribution service band.
The shareholder class action complaint alleges that Straight Path and certain of its executive officers made a series of false and misleading statements during the Class Period, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants are alleged to have made materially false and misleading statements to investors and/or failed to disclose that: (1) the commercialibility of Straight Path's spectrum assets is less than touted; (2) Straight Path's spectrum licenses were improperly obtained; and (3) as a result, Straight Path's public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 29, 2015, Kerrisdale Capital published a report questioning the commercial viability of Straight Path's spectrum licenses. Following this report, shares of the Company's common stock fell $18.23 per share, or over 38%, to close on October 29, 2015 at $29.35 per share.
Then, on November 5, 2015, Sinclair Upton Research published a report asserting, among other things, that the "vast majority" of Straight Path's spectrum licenses "were obtained under fraudulent misrepresentation, because the systems were never built on the sites" as specified in regulatory filings. Following this report, shares of the Company's common stock fell an additional $13.70 per share, or over 51%, to close on November 5, 2015 at $12.81 per share.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at email@example.com
Straight Path shareholders who purchased their securities during the Class Period may, no later than January 12, 2016, petition the Court to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT: Kessler Topaz Meltzer & Check, LLP Darren J. Check, Esq. D. Seamus Kaskela, Esq. Adrienne O. Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299-7706 (610) 667-7706 firstname.lastname@example.org
SOURCE Kessler Topaz Meltzer & Check, LLP