Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of BT Group plc (NYSE: BT) who purchased ADRs between May 23, 2013 and January 23, 2017.
The complaint alleges that BT Group made false and/or misleading statements and/or failed to disclose that: (i) BT Group’s Italian division had engaged in improper accounting practices; (ii) as a result, BT Group significantly overstated its earnings; (iii) the aforementioned would foreseeably cause BT Group to cut its revenue, earnings, and free cash flow forecasts; and (iv) as a result, BT Group’s public statements were materially false and misleading.
On October 27, 2016, the Company announced that it uncovered “inappropriate management behavior” at its Italian division and “identified certain historical accounting errors and reassessed certain areas of management judgment.” As a result, the Company announced that it had “written down the value of items on the balance sheet by £145 [million].” Then, on January 24, 2017, BT Group issued a news release “the adjustments identified have increased from the £145m announced in our half-year update to a total of around £530m.”
If you suffered a loss in BT Group you have until March 27, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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