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June 15, 2018 6:37pm Comments
Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of Altice USA, Inc.
ATUS 1.06%
have filed a class action complaint against the company's officers
and directors for alleged violations of the Securities Act of 1933
pursuant to the registration statement and prospectus issued in
connection with the company's June 2017 initial public offering ("IPO").
Altice USA, together with its subsidiaries, provides broadband
communications and video services in the United States.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/altice-usa-inc-june-2018
Altice USA Accused of Failing to Admit Risk Factors in Offering
Documents
According to the complaint, in June 2017, Altice USA held its IPO,
issuing over 71 million shares of Altice USA common stock and raising
over $2.15 billion in gross proceeds. Altice USA, which was the U.S.
subsidiary of Altice N.V., a Netherlands-based multinational
telecommunications company, repeatedly referred to its relationship to
Altice N.V. as one of its "competitive strengths." However, Altice N.V.
was far from a competitive advantage because it was suffering severe
customer attrition in its key markets due to mismanaged price increases
and shoddy network and customer support. On November 2, 2017, Altice USA
and Altice N.V. both announced financial results, with Altice N.V.
announcing severely disappointing revenue, margin, and earnings declines
in its two most important markets, France and Portugal. Altice N.V. and
Altice USA then announced a management and governance reorganization,
including the resignation of Altice USA's Chief Executive Officer, while
investors and market analysts expressed concern and the price for Altice
USA shares continued to decline. Now, Altice USA shares trade below $18
per share—an approximate 40% decline from the $30 offering price.
Altice USA Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180615005844/en/