IRVINE, Calif., Sept. 29, 2017 /PRNewswire/ -- Khang & Khang LLP (the "Firm") announces the filing of a securities class action lawsuit against Frontier Communications Corporation ("Frontier" or the "Company") (Nasdaq: FTR). Investors who purchased or otherwise acquired shares between April 1, 2016 and May 2, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the November 27, 2017 lead plaintiff motion deadline.
If you purchased Frontier shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 4000 Barranca Parkway, Suite 250, Irvine, CA 92604, by telephone at (949) 419-3834, or by e-mail at firstname.lastname@example.org.
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member as well.
According to the Complaint, throughout the Class Period, Frontier made materially false and/or misleading statements, and/or failed to disclose: that the Company acquired a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc.; that the Company would be required to increase its reserves, and write off amounts from accounts receivable associated with the non-paying accounts; and that as a result of the above, the Company's statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times. On May 2, 2017, Frontier reported a first quarter 2017 net loss of $75 million and a year-over-year first quarter revenue decline of $53 million. On the same day, the Company held a conference call to discuss its first quarter financial results. During the call, CFO Ralph McBride stated that approximately $16 million of the sequential revenue decline was a result of cleanup of California, Texas, and Florida non-paying accounts and the automation of legacy non-pay disconnects. When this news was announced, shares of Frontier declined in value materially, which caused investors harm according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions regarding this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at email@example.com.
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Joon M. Khang, Esq.
SOURCE Khang & Khang LLP