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Case Status:    SETTLED
On or around 04/19/2016 (Ongoing date of last review)

Filing Date: March 04, 2014

According to the law firm press release, NII is a telecommunications company based in Reston, Virginia. Through subsidiaries and operating businesses, NII operates wireless voice and data networks in Mexico, Brazil, and other countries in Latin America under the NextelTM brand.

The complaint charges NII, NII Capital, and certain of their officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. The complaint alleges that certain Defendants made false and misleading statements and concealed material information relating to the Company's declining business, financial state, and future prospects. Specifically, Defendants caused NII and NII Capital securities to trade at artificially inflated prices by improperly concealing the Company's failing efforts to modernize its telecommunications network and maintain and grow its subscriber base.

Additionally, the complaint alleges that NII, NII Capital, certain of their officers and directors, and certain of the underwriters of the Offerings violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. The complaint alleges that certain Defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the issuance of $1.45 billion of NII Capital Notes in March and December 2011.

The complaint alleges that NII slowly revealed its true prospects through a series of disclosures. As a result of those revelations, NII's stock price fell 97.46 percent from its Class Period-high closing price, and the market price of the Notes declined 64.87 percent from their Class Period-high closing price.

On June 10, 2014, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel. Lead Plaintiffs filed an amended complaint on June 27. This was followed by a second amended complaint on July 18.

On September 22, 2014, the Court issued an Order staying all proceedings as to issuer defendant due to bankruptcy proceedings.

On October 6, 2014, the Court issued an Order denying Defendants' motion to dismiss.

On April 18, 2016, the parties filed a Stipulation of Settlement.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NIHD
Company Market: NASDAQ
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: E.D. Virginia
DOCKET #: 14-CV-00227
JUDGE: Hon. Leonie M. Brinkema
DATE FILED: 03/04/2014
CLASS PERIOD START: 02/25/2010
CLASS PERIOD END: 02/27/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 14-CV-00227
JUDGE: Hon. Leonie M. Brinkema
DATE FILED: 07/18/2014
CLASS PERIOD START: 02/25/2010
CLASS PERIOD END: 02/27/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  3. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  4. Law Offices of Susan R. Podolsky
    1800 Diagonal Road, Suite 600, Law Offices of Susan R. Podolsky, VA 22314
    571.366.1702 703.647.6009 ·
  5. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
No Document Title Filing Date