Uniti Group Inc. f/k/a Communications Sales & Leasing, Inc.
| Company Name | Uniti Group Inc. f/k/a Communications Sales & Leasing, Inc. |
| Stock Symbol | UNIT |
| Class Period | April 20, 2015 to February 15, 2019 |
| Lead Plaintiff Motion Deadline | December 30, 2019 |
In 2015, Uniti was spun-off from Windstream Holdings, Inc. (“Windstream”). Following the spin-off, Windstream became Uniti’s primary customer.
On September 21, 2017, hedge fund Aurelius Capital Master, Ltd. (“Aurelius”), which owns more than 25% of Windstream’s unsecured notes due 2023, gave written notice to Windstream that the spin-off of Uniti constituted a sale and leaseback in breach of the notes’ indenture.
On February 15, 2019, United States District Judge Jesse M. Furman determined that Windstream had breached the indenture and awarded Aurelius a monetary judgement exceeding $310 million.
On this news, Uniti’s stock price fell $7.47 per share, or over 37%, to close at $12.51 per share on February 19, 2019, thereby injuring investors.
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