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MetroPCS Communications, Inc. Hit by Shareholder Lawsuit

 

Those who purchased MetroPCS Communications Inc. (NYSE:PCS) common stock during the period between February 26, 2009 and November 4, 2009, have certain options and there are strict and short deadlines running. Deadline: February 12, 2010. Those PCS and current long term investors should contact the Shareholders Foundation.

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
MetroPCS Communications
Case Name: 
MetroPCS Communications Shareholder Class Action 12/15/2009
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: PCS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/15/2009
Class Period Begin: 
02/26/2009
Class Period End: 
11/04/2009
Court of Filing: 
U.S. District Court for the Northern District of Texas
Deadline To File for Lead: 
02/12/2010
Summary: 

An investor in MetroPCS Communications, Inc. (Public, NYSE:PCS) has filed a lawsuit in the United States District Court for the Northern District of Texas on behalf of purchasers of MetroPCS Communications Inc. (NYSE:PCS) common stock during the period between February 26, 2009 and November 4, 2009, against MetroPCS Communications, Inc and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that MetroPCS Communications Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 26, 2009 and November 4, 2009 a series of false and misleading statements and/or concealed material adverse facts regarding its business and prospects. Then, on November 5, 2009, before the market opened, MetroPCS Communications issued a press release announcing its third quarter 2009 financial results, reporting that its net additions were below expectations due to elevated churn and a deceleration in gross additions, and lowering its guidance for the year. In response to the lowered guidance, so the lawsuit, the price of MetroPCS Communications stock (PCS) fell $0.61 per share, or 9%, to close at $6.01 per share.

MetroPCS Communications, Inc, located in Richardson, Texas, is a wireless communications provider that offers wireless broadband mobile services under the MetroPCS brand in selected metropolitan areas in the United States over its own licensed networks or networks of entities, in which the Company holds a substantial non-controlling ownership interest.

MetroPCS Communications, Inc. reported in 2007 Total Revenue of $2.23573billion with a Net Income of $100.4million and in 2008 Total Revenue of $2.75152billion with a Net Income of $149.44million. Shares of MetroPCS Communications, Inc. (PCS) traded recently at $7.18 per share, down from its 52weekHigh of $18.98 per share, $21.73 per share in May 2008, and almost $40 per share in 2007.

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