NEW YORK, Nov. 18, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Uniti Group Inc. f/k/a Communications Sales & Leasing, Inc. ("Uniti" or the "Company") (NASDAQ: UNIT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Uniti and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 26, 2015, Uniti disclosed approval of the Company's spin-off from Windstream Holdings, Inc. ("Windstream"). Following the spin-off, Windstream became Uniti's primary customer.
Then, on September 21, 2017, hedge fund Aurelius Capital Master, Ltd. ("Aurelius"), the owner of more than 25% of Windstream's unsecured notes due 2023, provided 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 released Findings of Facts and Conclusions of Law declaring that Windstream had breached the indenture and awarding Aurelius a monetary judgement in the amount of $310,459,959.10, plus interest. On this news, Uniti's stock price fell $7.47 per share, or 37.39%, to close at $12.51 per share on February 19, 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
888-476-6529 ext. 9980
SOURCE Pomerantz LLP