According to the law firm press release, the complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements by failing to disclose: (1) that the Company acquired a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc.; (2) that, as a result, the Company would be required to increase its reserves, and write off amounts from accounts receivable associated with the non-paying accounts; and (3) that, as a result of the foregoing, Defendants’ statements about Frontier’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On January 18, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on April 30. Defendants filed a Motion to Dismiss the amended Complaint on June 29. On March 8, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint. On May 10, 2019, Lead Plaintiff filed a Motion to Amend the Complaint. On March 24, 2020, the Court issued an Order denying the Motion to Amend the Complaint and closed the case. On April 6, Lead Plaintiff filed a notice appealing the Court's Order denying the Motion to Amend the Complaint. The issuer Company Defendant filed a suggestion of Bankruptcy on April 16.