SAN DIEGO, Jan. 24, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether BT Group plc (NYSE: BT) violated federal securities laws.
On January 24, 2017, BT cut its revenue, earnings and free cash flow forecasts for 2017 and 2018 after finding that inappropriate accounting behavior in its Italian business went far deeper than earlier thought. In October 2016, BT had revealed an initial investigation into historical accounting practices in Italy. Consequently, the size of the write-down on the business has more than doubled.
BT stated that revenue will now not grow for the next two years and earnings guidance was significantly reduced."We are deeply disappointed with the improper practices which we have found in our Italian business," Chief Executive Gavin Patterson said.
If you have information that could assist in this investigation, or if you are a BT shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonandweaver.com) by email or by phone at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP