BERWYN, Pa., Jan. 30, 2017 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased BT Group plc ("BT Group" or the "Company") (NYSE: BT) ADRs between May 23, 2013, and January 23, 2017, inclusive (the "Class Period").
BT Group shareholders may, no later than March 27, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of BT Group and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
The complaint charges BT Group and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that (i) BT Group's Italian division had engaged in improper accounting practices; (ii) as a result, BT Group significantly overstated its earnings; (iii) the foregoing facts, when they became known, would foreseeably cause BT Group to cut its revenue, earnings, and free cash flow forecasts; and (iv) as a result, BT Group's public statements were materially false and misleading.
Specifically, on October 27, 2016, the Company announced that it uncovered "inappropriate management behavior" at its Italian division. BT Group revealed to investors that it "conducted an initial internal investigation" which included reviewing accounting practices during which the Company "identified certain historical accounting errors and reassessed certain areas of management judgment." As a result, the Company announced that it had "written down the value of items on the balance sheet by £145 [million]."
On this news, BT Group's ADR price fell from $23.82 on October 26, 2016 to a closing price of $23.25 on October 27, 2016 —a $0.57 or a 2.39% drop.
If you are a member of the class, you may, no later than March 27, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at firstname.lastname@example.org or visit: www.maniskas.com. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP