SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in GTT Communications, Inc. of Class Action Lawsuit and Upcoming Deadline
NEW YORK, March 12, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against GTT Communications, Inc. (“GTT” or the “Company”) (NYSE: GTT) and some of its officers. The class action lawsuit filed in United States District Court for the Central District of Californiaand registered at 21-cv-00839 is on behalf of a class consisting of all persons and entities other than Defendants who have purchased or otherwise acquired publicly traded GTT securities from 5th May 2016 by November 9, 2020including (the “Class Period”) seeking appeal under the Securities Exchange Act of 1934 (the “Exchange Act”). The plaintiff alleges that the defendants violated the Stock Exchange Act by publishing false and misleading statements in order to artificially increase the company’s share price.
If you are a shareholder who purchased GTT securities during the class period, you have up to March, 15, 2021, to ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those who inquire by email are asked to provide their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
GTT operates a global communications network and provides telecommunications services to large multinational corporations, network operators and governments on five continents.
Throughout the class period, GTT stated that its internal controls over financial reporting were “effective” and gave “reasonable assurance” that all required information was disclosed.
In truth, GTT’s internal controls over financial reporting were inadequate, resulting in years of inaccurate financial reporting, including the company’s telecommunications service costs not being properly adjusted and certain expenses not being recorded.
The story goes on
Due to the inadequate internal controls by GTT, the company announced after the market closed August 10, 2020 that it would delay filing its quarterly report for the past quarter June 30, 2020. The company said it had “identified certain issues related to the recording and reporting of telecommunications service costs and related internal controls”.
On this news, GTT shares fell $ 0.65or over 11% of the degree $ 5.61 on August 10, 2020 to close at $ 4.96 on August 11, 2020.
On November 9, 2020The company announced its quarterly report for the past quarter September 30, 2020 would be delayed too. The company said the delay was caused by its ongoing review and “review of accounting for telecommunications services and costs” [. . .] a number of questions related to the company’s previously published financial statements[.]””
On this news, GTT shares fell $ 0.04or 1% to close at $ 3.96 on November 9, 2020.
The Pomerantz company with offices in new York, Chicago, The angel, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz, known as the dean of class action, pioneered class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP