Uniti Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Uniti Group Inc. To Contact The Firm
NEW YORK - ( NewMediaWire ) - November 04, 2019 - Faruqi Faruqi, LLP, a leading national securities law firm, reminds investors in United Group Inc. (“Uniti” or the “Company”) (NASDAQ:UNIT) of the December 30, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Uniti stock or options between April 20, 2015 and February 15, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/UNIT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
CONTACT: FARUQI FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of Arkansas on behalf of all those who purchased Uniti securities between April 20, 2015 and February 15, 2019 (the “Class Period”). The case, Safadi v. Uniti Group Inc et al., No. 19-cv-00756 was filed on October 25, 2019, and has been assigned to Judge Brian S. Miller.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Uniti’s financial results were not sustainable because its customer Windstream had defaulted on its unsecured notes; and (2) as a result of the foregoing, Defendants’ statements about Uniti’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On February 15, 2019, United States District Judge Jesse M. Furman released its Findings of Facts and Conclusions of Law declaring that Windstream breached the indenture and awarding Aurelius a monetary judgement in the amount of $310,459,959.10 plus interest.
On this news, the Company’s stock price fell from $19.98 per share on February 15, 2019 to $12.51 per share on February 19, 2019: a $7.47 or 37.39% drop. Over the course of the next three trading days, the price of the Uniti’s common stock continued to plummet to close at $9.23 on February 22, 2019, an overall decline of 53.80 %
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi Faruqi, LLP also encourages anyone with information regarding Uniti’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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