LOS ANGELES, Sept. 29, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Frontier Communications Corporation ("Frontier" or the "Company") (Nasdaq: FTR) concerning possible violations of federal securities laws between April 1, 2016 and May 2, 2017, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the November 27, 2017 lead plaintiff motion deadline.
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No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
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, Chief Financial Officer 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. Upon release of this information, shares of Frontier dropped in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC