According to the law firm press release, BT Group is a multinational telecommunications services company that offers fixed-line services, broadband, mobile and TV products and services, and networked IT services in the United Kingdom and across the world. The Company also sells wholesale products and services to communications providers around the world. Globally, BT Group supplies managed networked IT services to multinational corporations, domestic businesses, and national and local government organizations.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s Italian division had for years engaged in improper accounting practices; (ii) as a result, BT Group significantly overstated its earnings throughout the Class Period; (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 of the foregoing, BT Group’s public statements were materially false and misleading at all relevant times.
On January 19, 2018, Plaintiff filed a Notice voluntarily dismissing this action. A related case filed under Docket 17-CV-00497 in the District of New Jersey continues.
On August 28, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 21. Defendants filed a Motion to Dismiss the amended Complaint on January 22, 2018. On August 1, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint. On October 1, Lead Plaintiff filed a second amended Complaint. Lead Plaintiff filed a third amended Complaint on December 28. On August 16, 2019, Lead Plaintiff filed a fourth amended Complaint. Defendants filed a Motion to Dismiss the fourth amended Complaint on October 4. On April 24, 2020, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on May 26.