On or around 04/22/2020 (Date of last review)
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.
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
"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
Plymouth County Retirement System, et al. v. GTT Communications, Inc., et al.