STEVENSON, Md., Jan. 08, 2019 (GLOBE NEWSWIRE) -- 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 Eastern District of New York on behalf of a class who purchased Altice USA, Inc. (NYSE: ATUS) (“Altice” or the “Company”) securities pursuant and/or traceable to the Company’s initial public offering (“IPO”) in June 2017. Investors who wish to become proactively involved in the litigation have until January 18, 2019 to seek appointment as 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 Altice’s June 2017 IPO. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with its IPO that the Company’s “The Altice Way” proprietary growth model previously developed in Europe and described in the Offering Documents as a means to achieve superior margin performance was falsely touting Altice’s capacity to face already existing highly competitive environments and ever-changing consumer behaviors and that Altice was suffering from aggressively growing competition both in Europe and the United States, directly causing negative and decelerating revenue and EBITDA growth and impacting Altice’s market share.
According to the complaint, following a November 3, 2017 conference call where Altice disclosed deterioration in France and Portugal as a result of mismanaged rate events, and a November 15, 2017 announcement that “The Altice Way” was never applied from A to Z in France, the value of Altice shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Altice’s June 2017 IPO 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 contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
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.