WASHINGTON--(BUSINESS WIRE)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether BT Group plc (“BT Group” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Class action lawsuits were filed in the U.S. District Court for the District of New Jersey and in the U.S. District Court for the Southern District of New York by other law firms on behalf of purchasers of the American Depository Receipts (“ADRs”) of BT Group plc (NYSE: BT) between May 24, 2012 and January 23, 2017, inclusive (the “Class Period”).
The complaint alleges that BT Group and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the Company misstated its earnings due to improper accounting practices and improper sales, purchase, factoring and leasing transactions in its Italian operations; (2) the Company lacked effective internal controls; and (3) as a result, defendants’ statements regarding BT’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
The claims in this case followed the Company’s announcement that improper accounting and widespread misbehavior, including improper sales and other transactions, had occurred over a period of years at its Italian subsidiary, BT Italia, resulting in the overstatement of BT Italia’s profits. On January 24, 2017, the Company announced that the problems were much worse than it had initially reported, including requiring a larger write off; it also reported that it had terminated certain senior executives of BT Italia and lowered its previously issued financial guidance. The price of BT Group ADRs fell from $24.43 to $19.38 on January 24.
Cohen Milstein encourages all investors who purchased BT Group ADRs between May 24, 2012 and January 23, 2017, or former employees with information concerning this matter to contact the firm.
If you are a BT Group plc shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than March 27, 2017 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Robin Bleiweis
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
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