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Sprint Nextel Corporation faces long term shareholder investigation
Investigation over shareholder claims on behalf of current long term investors in Sprint Nextel Corporation (Public, NYSE-S) continues - Contact the Shareholders Foundation, Inc. at firstname.lastname@example.org
By: Shareholders Foundation, Inc.
If you are a current long-term investor in Sprint Nextel Corporation (Public, NYSE-S), you have certain options and you should contact the Shareholders Foundation, Inc. at:
or at: +1 (858) 779 - 1554
An investor in Sprint Nextel filed a proposed securities class action lawsuit on behalf of the above stated purchasers of Sprint Nextel Corporation common stock alleging that Sprint Nextel Corporation ("Sprint Nextel") and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between October 26, 2006 and February 27, 2008 materially false and misleading statements regarding the its business and financial results and as a result of defendants' false statements, Sprint Nextel stock traded at artificially inflated prices.
In December 2004, Sprint Corporation and Nextel Communications ("Nextel") announced that they would merge. The merger was completed on August 12, 2005, with Sprint Corporation buying Nextel for $37.8 billion. The merger, so the lawsuit, turned out to be a disaster, as Sprint Nextel Corporation has had difficulties in combining the resources of the two companies due to culture clashes and technological issues. But the defendants repeatedly assured between October 26, 2006 and February 27, 2008 that Sprint Nextel was poised for a turnaround and was focused on improving its core operations. As late as the summer of 2007, defendants continued to play down and conceal Sprint Nextel's problems with its network and with its customer service issues and subscriber base. Beginning in early Fall 2007, Sprint Nextel finally began to acknowledge that its initiatives were not working and that Sprint Nextel was experiencing a serious deterioration in its subscriber base, due both to a slow down in new growth and a massive defection of its current subscribers to its competitors.
On February 28, 2008, before the market opened, Sprint Nextel reported disappointing fourth quarter and full year 2007 financial results, including a net loss for the quarter of $29.5 billion or $10.36 diluted loss per share and on this news, Sprint's stock collapsed $0.86 per share to close at $8.09 per share, so the lawsuit.
Those who are current long-term investors in SPRINT NXTEL CP , have certain options and should contact the Shareholders Foundation, Inc. at:
or at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.