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Case Status:    SETTLED
On or around 03/21/2022 (Date of order of final judgment)

Filing Date: January 12, 2021

According to the Complaint, GTT Communications, Inc. operates a global communications network, providing telecommunications services to large, multinational enterprises, carriers, and governments across five continents.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company's internal controls suffered from issues related to the recording and reporting of Cost of Telecommunications Services; (2) the Company's previously reported Cost of Telecommunications was inaccurate or accounted for unsupported adjustments; (3) inadequate internal controls would result in delays in the Company's 10-Q quarterly reports; and (4) as a result of the foregoing, Defendants' public statements were materially false and/or misleading and/or lacked a reasonable basis.

On April 12, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on August 17.

On October 29, 2021, the parties entered into a Stipulation of Settlement. The Court granted Preliminary Approval of the Settlement on November 4. On November 9, the Court withdrew its Preliminary Approval of the Settlement, holding the Motion for preliminary approval in abeyance during the pendency of the U.S. Bankruptcy Court for the Southern District of New York's bankruptcy stay. On December 6, the Court granted Preliminary Approval of the Settlement. The Court granted final approval of the Settlement, including Attorneys’ Fees and Expenses, and entered Final Judgment on March 21, 2022.

On January 10, 2023, the Court issued an Order authorizing distribution of the Settlement funds.

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