Company Website:
http://www.rigrodskylong.com
WILMINGTON, Del. -- (Business Wire)
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Straight Path Communications Inc.
(NYSE MKT: STRP)?
- Did you purchase your shares between October 29, 2013 and November
5, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky
& Long, P.A. announces that a complaint has been filed in the
United States District Court for the District of New Jersey on behalf of
all persons or entities that purchased the common stock of Straight Path
Communications Inc. (“Straight Path” or the “Company”) (NYSE MKT: STRP)
between October 29, 2013 and November 5, 2015, inclusive (the “Class
Period”), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Straight Path during the Class Period, or
purchased shares prior to the Class Period and
still hold Straight Path, and wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to info@rl-legal.com; or
at: http://rigrodskylong.com/investigations/straight-path-communications-inc-strp.
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations and prospects.
As a result of defendants’ alleged false and misleading statements, the
Company’s stock traded at artificially inflated prices during the Class
Period.
According to the Complaint, on October 29, 2015, Kerrisdale Capital
published a report questioning the commercial viability of Straight
Path's spectrum licenses. Following this report, shares of the Company's
common stock fell over 38%, closing at $29.35 per share on October 29,
2015.
Then, on November 5, 2015, Sinclair Upton Research published a report
asserting, among other things, that the "vast majority" of Straight
Path's spectrum licenses "were obtained under fraudulent
misrepresentation, because the systems were never built on the sites" as
specified in regulatory filings.
On this news, shares of Straight Path plummeted over 51%, closing at
$12.81 per share on November 5, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than January 12, 2016. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. Any
member of the proposed class may move the court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151201006867/en/
Contacts:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter
Allocco
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rl-legal.com
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A.
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