NEW YORK, April 20, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Sprint Nextel Corporation ("Sprint" or the "Company") (NYSE: S).
The investigation focuses on whether Sprint and its executives violated federal securities laws by failing to disclose that Sprint knowingly evaded New York state taxes. On April 19, 2012, New York Attorney General Eric Schneiderman sued Sprint for more than $300 million for deliberately failing to pay sales taxes for seven years. The Attorney General's lawsuit is the continuation of a whistle-blower action filed in New York in March 2011, which alleged that Sprint did not collect and pay sales taxes on flat-rate access charges for wireless calling plans, costing state and local governments more than $100 million. The suit, which alleges claims under the New York False Claims Act, would require Sprint to pay three times its underpayment value in addition to penalties – a sum greater than $300 million – should Sprint be found liable.
Take Action If you purchased Sprint securities and would like to discuss your legal rights, visit www.faruqilaw.com/S. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Sprint's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Francis McConville, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330