On or around 03/11/2019 (Ongoing date of last review)
Filing Date: September 26, 2017
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.
Company & Securities Information
Defendant: Frontier Communications Corporation
Industry: Communications Services
Headquarters: United States
Ticker Symbol: FTR
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.
First Identified Complaint
Chris Bray, et al. v. Frontier Communications Corporation, et al.