According to the Complaint, GTT Communications, Inc. ("GTT") 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, 2020. On September 10, the Court issued an Order Certifying a Class.

On December 14, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on January 28, 2021. On April 23, the Court granted final approval of the Settlement and entered Final Judgment.

On April 14, 2022, the Court issued an Order approving Distribution of the net Settlement fund.