Straight Path Communications Inc. Securities Litigation
On or around 07/24/2019 (Date of order of distribution of settlement)
Filing Date: November 13, 2015
According to the law firm press release, the lawsuit alleges throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the commercialization prospect for Straight Path’s spectrum assets is less than touted; (2) Straight Path’s spectrum licenses were improperly obtained; and (3) as a result, Straight Path’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On April 11, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on June 17.
The Parties entered into a Stipulation of Settlement on October 10, 2017. The Parties filed an Amended Stipulation of Settlement on December 5. This Settlement was preliminarily approved on February 2, 2018. On September 7, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued a Class Distribution Order on July 24, 2019.
Company & Securities Information
Defendant: Straight Path Communications Inc.
Industry: Communications Equipment
Headquarters: United States
Ticker Symbol: STRP
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.
First Identified Complaint
Darlan Zacharia, et al. v. Straight Path Communications Inc., et al.