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.