Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by certain officers and directors at MetroPCS Communications, Inc. ("MetroPCS" or the "Company") (NYSE: PCS). Robbins Umeda LLP's investigation concerns whether certain officers and/or directors issued a series of materially false and misleading statements regarding MetroPCS's revenues and net income. It appears that the Company withheld material information from the investing public between February 26, 2009 and November 4, 2009, regarding that: (i) it was losing customers at a higher rate than previously experienced and was failing to add new customers due to increased competition; (ii) the Company's average revenue per user was lower than expected due to an increase in promotional activity; (iii) the first quarter increase in subscribers was due to a promotion whereby customers received the first month free and could cancel without penalty; (iv) the reported new subscriber numbers included upgraded subscribers as new additions; and (v) the costs of acquiring new customers was increasing due to an intensification of MetroPCS's marketing campaigns in the Northeast. On November 5, 2009, MetroPCS issued a press release announcing its third quarter 2009 financial results, reporting that the Company's net additions were below expectations due to elevated churn and a deceleration in gross additions, and lowering its guidance for the year. A lawsuit alleging violations of the Securities Exchange Act of 1934 has been filed on behalf of shareholders who purchased or otherwise acquired MetroPCS stock during the period between February 26, 2009 and November 4, 2009 (the "Class Period") and seeks recovery from MetroPCS and certain of its officers for the damage they have suffered by purchasing MetroPCS stock at allegedly inflated prices. This type of lawsuit can lead to additional damages to the Company. If you purchased your MetroPCS stock prior to February 26, 2009, continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at email@example.com. Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com. Advertisement
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