On or around 01/07/2021 (Other)
Filing Date: July 30, 2019
According to the Complaint, GTT Communications, Inc. owns and operates a global Tier 1 internet network and provides cloud networking services to multinational clients.
The Complaint alleges that during the Class Period, Defendants issued a series of false and/or misleading statements and failed to disclose material adverse facts about GTT’s business, operations, and prospects, and the Interoute acquisition specifically. Among other things, Defendants failed to disclose that: (1) there were delays in migrating Interoute’s legacy systems and processes into GTT’s client management database system; (2) Interoute had made a strategic shift to focus on providing cloud services that deviated from GTT’s core cloud networking business; (3) Interoute’s sales force was underperforming and ineffective at selling GTT’s core cloud networking services; and (4) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading and/or lacked a reasonable basis.
On January 7, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 28. Defendants filed a Motion to Dismiss the amended Complaint on April 17. On June 22, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff filed a Motion for Class Certification on August 7. On September 10, the Court issued an Order Certifying a Class. On December 14, the parties entered into a Stipulation and Agreement of Settlement. On January 5, 2021, the Court granted final approval of the Settlement and entered Final Judgment.
Company & Securities Information
Defendant: GTT Communications, Inc.
Industry: Communications Equipment
Headquarters: United States
Ticker Symbol: GTT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Plymouth County Retirement System, et al. v. GTT Communications, Inc., et al.