Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against NII Holdings, Inc. (“NII” or “Company”) (NasdaqGS: NIHD) and several officers and directors for acts taken during the period of February 25, 2010 to February 27, 2014 (the “Class Period”).
If you are an affected NII shareholder and want to learn more about the investigation or join the potential action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that (i) NII reported inaccurate capital and operating leases, which inflated its financial performance in 2009 and 2010 and promoted skewed projects of the success of its effort to launch a new network; (ii) NII’s attempts to shift away from its iDEN-based infrastructure were a failure from the outset, causing its subscribers to defect in masses; (iii) NII’s replacement network in key markets such as Mexico was not equipped to withstand the service load created by the phase-out of the iDEN network; (iv) although NII’s Mexican operating company, Comunicaciones Nextel de Mexico, S.A. de C.V.’s profitability was significantly declining, it deferred tax assets, altering the projected profitability and causing artificially inflated values; and (v) as a result of the above, Defendants lacked a rational basis for their projections of NII’s performance and profitability. According to the complaint, when the truth leaked into the market NII’s stock dropped.