LOS ANGELES, CA / ACCESSWIRE / October 23, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Frontier Communications Corporation ("Frontier" or the "Company") (NASDAQ: FTR) regarding possible violations of federal securities laws between April 1, 2016 and May 2, 2017, inclusive (the "Class Period"). Investors, who purchased or otherwise acquired Frontier shares during the Class Period, should contact the firm prior to the November 27, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet, and until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, during the Class Period, Frontier made materially false and/or misleading statements, and/or failed to disclose: that the Company received a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc.; that the Company would be required to increase its reserves, and write off amounts from accounts receivable associated with the non-paying accounts; and that as a result of the above, the Company's statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times.
On May 2, 2017, Frontier reported a first quarter 2017 net loss of $75 million and a year-over-year first quarter revenue decline of $53 million. On the same day, the Company held a conference call to discuss its first quarter financial results. During the call, Chief Financial Officer Ralph McBride stated that approximately $16 million of the sequential revenue decline was a result of cleanup of California, Texas, and Florida non-paying accounts and the automation of legacy non-pay disconnects. When this news was announced, Frontier's stock price fell materially, which harmed investors according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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Contact:
Lundin Law PC
Brian Lundin, Esq.
Telephone: 888-713-1033
Facsimile: 888-713-1125
brian@lundinlawpc.com
http://lundinlawpc.com/
SOURCE: Lundin Law PC
