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Oklahoma City, OK (April 18, 2019) – On April 16, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Fusion Connect, Inc. (NASDAQ: FSNN). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 14, 2018 through April 2, 2019. More specifically, the Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Fusion Connect’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 Connect’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On April 2, 2019, Fusion Connect announced that its financial statements for the second and third quarters of 2018 could no longer be relied upon and would need to be restated. The Company also announced that it would be unable to file its 2018 annual report by the April 2, 2019 extension deadline. On this news, Fusion Connect’s stock price fell $0.98 per share, or 81.64%, to close at $0.22 per share on April 3, 2019.
Plaintiff seeks to recover damages on behalf of all Fusion Connect, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, June 17, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at firstname.lastname@example.org