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Case Status:    DISMISSED    
On or around 03/25/2011 (Date of order of final judgment)

Filing Date: December 15, 2009

According to the press release dated December 15, 2009, the complaint alleges that during the Class Period defendants issued a series of false and misleading statements and/or concealed material adverse facts regarding the Company’s business and prospects. Specifically, the complaint alleges that defendants’ statements misrepresented and failed to disclose the following adverse facts: (a) the Company was losing customers at a higher rate than previously experienced and was failing to add new customers due to increased competition; (b) the Company’s average revenue per user was lower than expected due to an increase in promotional activity; (c) the Company’s increase in subscribers in the first quarter was due to a promotion whereby customers received the first month free and could cancel without penalty; (d) the reported new subscriber numbers were artificially inflated by the inclusion of upgraded subscribers as new additions; (e) the costs of acquiring new customers was increasing due to an intensification of the Company’s marketing campaigns in the Northeast market along with its promotional activities; and (f) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

Then, on November 5, 2009, before the market opened, MetroPCS issued a press release announcing its third quarter 2009 financial results, reporting that the Company’s net additions were below expectations due to elevated churn and a deceleration in gross additions, and lowering its guidance for the year. In response to the lowered guidance, the price of MetroPCS stock fell $0.61 per share, or 9%, to close at $6.01 per share.

On May 11, 2010, Senior Judge A. Joe Fish signed the order appointing Kevin Hopson as lead plaintiff and approving lead plaintiff’s choice of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel and the Kendall Law Group, LLP as liaison counsel for the class. On June 25, 2010, the lead plaintiff filed a First Amended Class Action Complaint against the defendants. On August 9, 2010, the defendants filed a motion to dismiss the First Amended Complaint. The motion was denied on March 25, 2011.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PCS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Texas
DOCKET #: 09-CV-02392
JUDGE: Hon. A. Joe Fish
DATE FILED: 12/15/2009
CLASS PERIOD START: 02/26/2009
CLASS PERIOD END: 11/04/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  3. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 09-CV-02392
JUDGE: Hon. A. Joe Fish
DATE FILED: 06/25/2010
CLASS PERIOD START: 02/26/2009
CLASS PERIOD END: 11/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date