PHILADELPHIA, March 11, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, District of Kansas, 09cv02122, on behalf of common stock purchasers of the Sprint Nextel Corporation ("Sprint" or the "Company") (NYSE:S) between October 26, 2006 and February 27, 2008, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Eric F. Melgren.
If you wish to serve as lead plaintiff, you must move the Court no later than May 11, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member.
The complaint charges that Sprint and certain of its officers and directors violated the federal securities laws by making false and misleading statements regarding the Company's business and financial results. Specifically the complaint alleges that, Sprint was having difficulties with its subscriber base and was losing ground to AT&T and Verizon, was not adequately reserving for its impaired goodwill associated with Nextel, not adequately reserving for its allowance for bad debts related to subprime subscribers, and had no reasonable basis to make projections about its subscriber base, and its ability to recognize $14.5 billion in merger. As a result of defendants' false statements, Sprint's stock traded at inflated levels during the Class Period. However, after the above revelations seeped into the market, the Company's shares fell more than 65% from their Class Period high.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of SPRINT (NYSE:S) between October 26, 2006 and February 27, 2008, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com