NEW YORK, NY / ACCESSWIRE / May 21, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fusion Connect, Inc. ("Fusion" or the "Company") (OTC PINK: FSNN) of the June 17, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Fusion stock or options between August 14, 2018 and April 2, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/FSNN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to[email protected].
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Fusion common stock between August 14, 2018 and April 2, 2019 (the "Class Period"). The case, Satarzadeh v. Fusion Connect, Inc. et al., No. 19-cv-03391 was filed on April 16, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Fusion's earnings for the quarters ended June 30, 2018 and September 30, 2018 were overstated due to the insufficient precision in the process by which certain of its Birch Communications Holdings, Inc. subsidiaries capitalized costs; and (2) as a result, Fusion's public statements were materially false and misleading at all relevant times.
On April 2, 2019, Fusion filed a Form 8-K with the SEC, which revealed, among other things, that the Company had identified accounting errors that had resulted in an understatement of expenses in connection with its merger with Birch Communications Holdings, Inc.
On this news, the Company's stock price fell from $1.20 per share on April 2, 2019 to $0.22 per share on April 3, 2019-a $0.98 or 81.67% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fusion's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP