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Fusion Connect, Inc.

Company NameFusion Connect, Inc.
Stock SymbolFSNN
Class PeriodAugust 14, 2018 to April 02, 2019
Lead Plaintiff Motion DeadlineJune 17, 2019

On March 13, 2019, the Company announced that its earning call for the fourth quarter and full year of 2018 would be postponed. Then, on April 2, 2019, the Company disclosed certain accounting errors related to a 2018 acquisition and stated that previously issued financial statements should no longer be relied upon. Fusion also relayed that additional accounting errors would further delay the filing of its 2018 Form 10-K.

On this news, shares of Fusion fell $0.98 per share, or over 81%, over several trading sessions to close at $0.22 on April 3, 2019, thereby injuring investors.

The complaint filed in this class action alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Fusion Connect’s earnings for the quarters ended June 30, 2018 and September 30, 2018 were overstated due to the insufficient precision in the process by which certain of its Birch Communications Holdings, Inc. subsidiaries capitalized costs; and (2) as a result, Fusion Connect’s public statements were materially false and misleading at all relevant times

 

 

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