NEW YORK, April 07, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Crown Castle International Corporation (“Crown Castle” or the “Company”) (NYSE: CCI) and certain of its officers. The class action, filed in United States District Court for the District of New Jersey, and indexed under 20-cv-02943, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired publicly traded Crown Castle securities between February 26, 2018, and February 26, 2020, inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Crown Castle securities during the class period, you have until April 27, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Crown Castle purports to own, operate and lease more than 40,000 cell towers and more than 75,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market.
The Complaint alleges that the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Crown Castle's internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (ii) Crown Castle's financial accounting and reporting was not in accordance with GAAP; (iii) Crown Castle's net income, adjusted EBITDA, and adjusted funds from operations were inflated; (iv) Crown Castle would need to restate its financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and for the first three quarters in the year ended December 31, 2019; and (v) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 26, 2020, Crown Castle disclosed that its historical accounting practice with respect to recognizing servicing revenues from its tower installation services “was not acceptable under GAAP.” The Company advised investors that it would restate its financial statements for the years ended December 31, 2018 and 2017 and for the first three quarters in the year ended December 31, 2019.
On this news, Crown Castle’s stock price fell $14.29 per share, or 8.78%, to close at $148.40 per share on February 27, 2020, damaging investors.
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
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