Crown Castle International Corp.
Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI) from allegations that Crown Castle might have issued misleading information to the investing public.
If you purchased and/or acquired Crown Castle securities and would like to discuss your legal rights and options please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors that purchased or acquired shares of Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI) between February 26, 2018 and February 26, 2020 (the “Class Period”). The case is currently pending in the United States District Court for the District of New Jersey and alleges violations of the Securities Exchange Act of 1934.
According to the Complaint, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Crown Castle’s internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (2) Crown Castle’s financial accounting and reporting was not in accordance with GAAP; (3) Crown Castle’s net income, adjusted EBITDA, and adjusted funds from operations were inflated; (4) Crown Castle would need to restate its financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and for the first three quarters in the year ended December 31, 2019; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 26, 2020, Crown Castle announced that its accounting practice regarding recognizing servicing revenues from its tower installation services “was not acceptable under GAAP.” The Company stated that it would restate its financial statements for the years ended December 31, 2018 and 2017 and for the first three quarters in the year ended December 31, 2019.
On this news, Crown Castle’s stock price fell $14.38 per share to close at $148.31 per share on February 27, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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