Straight Path Communications, Inc.
SECURITIES FRAUD ALERT: The Law Firm of Andrews & Springer LLC Announces That A Securities Fraud Class Action Has Been Filed Against Straight Path Communications Inc. - STRP
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced that a securities fraud class action lawsuit has been filed in the U.S. District Court, District of New Jersey, Case No. 2:15-cv-08051, on behalf of investors of Straight Path Communications Inc. (NYSE: STRP) (“Straight Path Communications” or the “Company”) that held shares between October 29, 2013 through November 5, 2015 (the “Class Period”). If you purchased Straight Path Communications securities during the Class Period, you may, no later than January 12, 2016, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the commercialization prospect for Straight Path Communications’ spectrum assets is less than touted; (2) Straight Path Communications’ spectrum licenses were improperly obtained; and (3) as a result, Straight Path Communications’ public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 29, 2015, Kerrisdale Capital published a report that questioned the commercial viability of Straight Path Communications’ spectrum licenses. On this news, Straight Path Communications’ stock fell $18.23 per share, or over 38%, to close at $29.35 per share on October 29, 2015. Then, on November 5, 2015, Sinclair Upton Research published a report asserting that the company's licenses for the 39 Gigahertz wireless sites were renewed only after the company made fraudulent representations to the FCC. On this news, the company's stock fell $13.70 per share, or nearly 52%, to close at $12.81 per share on November 5, 2015.
As a result of the foregoing news, Straight Path Communications’ stock price has fallen substantially since October 20, 2015 causing shareholders to incur millions in losses.