Sprint Corporation
| Company Name | Sprint Corporation |
| Stock Symbol | April 18, 2024 |
| Class Period | January 31, 2019 to April 16, 2019 |
| Lead Plaintiff Motion Deadline | June 21, 2019 |
On April 15, 2019, Sprint responded to the Federal Communications Commission (“FCC”) review of the Company’s proposed merger with T-Mobile US Inc., stating that “Sprint is in a very difficult situation that is only getting worse.” Then, on April 17, 2019, The Wall Street Journal published an article stating that Sprint “has touted adding new wireless connections for six straight quarters[, but] many of those gains were free lines or existing customers that switched services.”
On this news, the Company’s share price fell $0.37 per share, more than 6%, to close at $5.64 per share on April 17, 2019, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company’s reported number of net postpaid subscriber additions was incomplete; (2) this increase in postpaid subscribed additions was driven by “free lines” offered to existing customers; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
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