Shareholder Alert: Robbins LLP Announces Crown Castle International Corp. (CCI) Sued for Misleading Shareholders
March 02 2020 - 06:52PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Crown Castle International Corp. (NYSE: CCI) filed a
class action complaint against the Company for alleged violations
of the Securities Exchange Act of 1934 between February 26, 2018
and February 26, 2020. Crown Castle operates and leases more than
40,000 cell towers and more than 75,000 route miles of fiber
supporting small cells and fiber solutions.
If you suffered a loss as a result of Crown Castle's misconduct,
click here.
Crown Castle International Corp. (CCI) Accused of Misleading
Shareholders
According to the complaint, from February 26, 2018 to November
4, 2019, Crown Castle attested to its accuracy of financial
reporting, disclosure of its internal control over financial
reporting, and disclosure of all fraud in its quarterly and annual
reports submitted to the SEC. Beginning in first quarter 2019,
Crown Castle touted successive increases in its quarterly net
income and increases in adjusted EBITDA, citing "net growth in
[its] Towers and Fiber segments." However, on February 26, 2020,
Crown Castle revealed that "after consultation with the [SEC's
Office of the Chief Accountant], we concluded that our historical
practice [for recognizing services revenues] was not acceptable
under [Generally Accepted Accounting Principles]." As a result, the
Company announced it would restate its financial statements for
2017, 2018, and the first three quarters of 2019, anticipating a
decrease of approximately $100 million in net income and adjusted
EBITDA for full year 2019 actuals. On this news, the stock price
fell $14.38, or almost 9% to close at $148.31 per share.
Crown Castle International Corp. (CCI) Shareholders Have
Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302006045/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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