The Law Offices of Frank R. Cruz reminds investors of the upcoming April 27, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of Crown Castle International Corp. ("Crown Castle" or the "Company") (CCI) - Get Report investors who purchased securities between February 26, 2018 and February 26, 2020, inclusive (the "Class Period").
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On February 26, 2020, Crown Castle announced 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. According to the press release, the Company had recognized service revenues from its tower installation services in a manner that "was not acceptable under GAAP."
On this news, the Company's share price fell $14.38 per share, or over 8.8%, to close at $148.31 per share on February 27, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Crown Castle's internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (2) Crown Castle's financial accounting and reporting was not in accordance with GAAP; (3) Crown Castle's net income, adjusted EBITDA, and AFFO were inflated; (4) 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 (5) 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.
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If you purchased or otherwise acquired Crown Castle securities during the Class Period, you may move the Court no later than April 27, 2020to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200424005130/en/