March 27 Deadline Alert: Tostrud Law Group, P.C. Reminds Investors of Upcoming Deadline in the Class Action Lawsuit Against B...
March 24 2017 - 3:07PM
Business Wire
Tostrud Law Group, P.C. reminds investors of the March 27,
2017 deadline to file a lead plaintiff motion in the class
action filed on behalf of a class of investors who acquired BT
Group plc (“BT” or the “Company”) (NYSE: BT) securities between
May 23, 2013, and January 23, 2017, inclusive (the “Class
Period”). BT investors have until March 27,
2017 to file a lead plaintiff motion. Injured investors
are encouraged to contact Jon Tostrud, Esq. to discuss their legal
rights.
On January 24, 2017, BT disclosed that an internal accounting
investigation identified a significant overstatement of earnings in
BT’s Italian business, that would require adjustments of
approximately £530 million.
The Company further disclosed that, “The improper behavior in
our Italian business is an extremely serious matter, and we have
taken immediate steps to strengthen the financial processes and
controls in that business. We suspended a number of BT Italy's
senior management team who have now left the business. We have also
appointed a new Chief Executive of BT Italy who will take charge on
1 February 2017. He will review the Italian management team and
will work with BT Group Ethics and Compliance to improve the
governance, compliance and financial safeguards in our Italian
business.”
On this news, BT shares fell over 20%, or nearly $5.05 per
share, to close on January 24, 2017 at $19.38.
The complaint filed in this class action alleges that Defendants
made materially false and/or misleading statements and/or failed to
disclose that: (1) BT’s Italian division had engaged in improper
accounting practices; (2) BT thus significantly overstated its
earnings; (3) the above mentioned would likely cause BT to cut its
revenue, earnings, and free cash flow forecasts; and (4)
consequently, BT’s public statements were materially false and
misleading.
BT investors have until March 27, 2017 to move the Court
to appoint you as lead plaintiff if you meet certain legal
requirements. If you have information or would like to learn more
about these claims, or if you wish to discuss these matters or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Jon
Tostrud, Esquire, of Tostrud Law Group, P.C., 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, at (310) 278-2600
or by e-mail at jtostrud@tostrudlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170324005607/en/
Tostrud Law Group, P.C.Jon Tostrud, Esq.(310)
278-2600jtostrud@tostrudlaw.comwww.tostrudlaw.com
BT (NYSE:BT)
Historical Stock Chart
From Mar 2024 to Apr 2024
BT (NYSE:BT)
Historical Stock Chart
From Apr 2023 to Apr 2024