LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of BT Group plc (“BT GROUP” or the “Company”) (NYSE: BT) investors concerning the Company and its officers’ possible violations of federal securities laws.
On January 24, 2017, BT Group filed its Form 6-K with the U.S. Securities and Exchange Commission. The Company disclosed that an internal accounting investigation identified a significant overstatement of earnings in BT Group’s Italian business, that would require adjustments of approximately £530 million.
The Company further stated that, “The improper behaviour in our Italian business is an extremely serious matter, and we have taken immediate steps to strengthen the financial processes and controls in that business. We suspended a number of BT Italy's senior management team who have now left the business. We have also appointed a new Chief Executive of BT Italy who will take charge on 1 February 2017. He will review the Italian management team and will work with BT Group Ethics and Compliance to improve the governance, compliance and financial safeguards in our Italian business.”
On this news BT Group shares fell over 20%, or nearly $5.05 per share, to close on January 24, 2017 at $19.38.
If you purchased BT Group securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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