[November 25, 2015] |
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INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses in Excess of $100,000 from Investment in Straight Path Communications Inc. to Contact Brower Piven before the Lead Plaintiff Deadline in Class Action Lawsuit
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the District of New Jersey on
behalf of purchasers of Straight Path Communications Inc. (NYSE MKT:
STRP) ("Straight Path" or the "Company") common stock during the period
between October 29, 2013 and November 5, 2015, inclusive (the "Class
Period"). Investors who wish to become proactively involved in the
litigation have until January 12, 2016 to seek appointment as lead
plaintiff.
If you have suffered a loss from investment in Straight Path common
stock purchased on or after October 29, 2013 and held through the
revelation of negative information during and/or at the end of the Class
Period, as described below, and would like to learn more about this
lawsuit and your ability to participate as a lead plaintiff, without
cost or obligation to you, please visit our website at http://www.broweriven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at [email protected]
or by telephone at (410) 415-6616. No class has yet been certified in
the above action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the Class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in Company common stock during
the Class Period. Brower Piven also encourages anyone with
information regarding the Company's conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants' failure to disclose
during the Class Period that the commercialization prospect for Straight
Path's spectrum assets was less than touted and its spectrum licenses
were improperly obtained. According to the complaint, following the
October 29, 2015 Kerrisdale Capital report questioning the commercial
viability of the Company's spectrum licenses and the November 5, 2015
Sinclair Upton report asserting the Company's licenses for 39 GHz
wireless sites were renewed after the Company made fraudulent
representations to the FCC (News - Alert), the value of Straight Path shares declined
significantly.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151125005661/en/
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