Updated (4:20 p.m.): Updated with one-year low price and Friday market close information.
NEW YORK (TheStreet) -- NII Holdings (NIHD) plunged to a one-year low of 83 cents on Friday as two separate law firms began investigations into the mobile communications services provider for potential fraud.
Frank & Bianco LLP announced Thursday it had begun an investigation for the period of Feb. 25, 2010 to Feb. 27, 2014 for alleged violations of the Securities Act of 1933 and Securities Exchange Act of 1934 that "occurred when the company and certain of its officers and/or directors issued materially false and misleading statements or omitted to state material information" during the aforementioned period, according to a press release.
Levi & Korinsky LLP said Friday it had begun an investigation for the same period. The class action lawsuit alleges the company "made materially false and misleading statements and/or concealed material information relating to the company's business, financial state, and future prospects," according to a press release. The complaint specifically alleges that NII and NII Capital hid the company's failing efforts to modernize its telecommunications network and expand its subscriber base and also failed to provide relevant information in offering documents it filed with the Securities and Exchange Commission tied to the issuance of NII Capital Notes in March and Dec. 2011.
The stock fell 16.61% to 89 cents, down 18 cents from its previous close of $1.07, at the close of the trading day on Friday. It had a volume of 13,422,884, more than its average of 8,420,780. The stock hit a high of $1.06 for the day and holds a one-year high of $9.82.