NEW YORK, April 23, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Sprint Corporation ("Sprint" or the "Company") (NYSE: S). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Sprint and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 15, 2019, Sprint filed a letter with the Federal Communications Commission ("FCC") regarding the "Applications of T-Mobile US, Inc. and Sprint Corporation for Consent to Transfer Control of Licenses and Authorizations, WT Docket No. 18-197" (the "FCC Letter"). The FCC Letter disclosed, in relevant part, that due to weak network infrastructure and a subscriber base prone to seeking better deals from Sprint's competitors, Sprint's current performance would be unsustainable if the Company failed to merge with T-Mobile US, Inc.
Following the submission of the FCC Letter, Sprint's stock price fell $0.22 per share, or 3.61%, to close at $5.88 on April 15, 2019. On April 16, 2019, the Wall Street Journal published an article entitled "T-Mobile-Sprint Deal Runs Into Resistance From DOJ Antitrust Staff", which referenced the FCC Letter and reported its contents.
Following publication of the Wall Street Journal article, Sprint's stock price fell $0.37, or 6.16%, to close at $5.64 on April 17, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP