SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action Against ADT Inc. (ADT) & Lead Plaintiff Deadline - July 20, 2018
Bronstein, Gewirtz & Grossman, LLC
Jul. 09, 2018
NEW YORK, July 09, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against ADT Inc. (“ADT” or the “Company”) (NYSE:ADT) and certain of its officers, on behalf of shareholders who purchased ADT common stock pursuant or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with ADT’s January 2018 initial public offering (the “Offering” or “IPO”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/adt.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) ADT’s Registration Statement made material misrepresentations and omissions by failing to disclose historical metrics integral to appraising ADT “key value drivers.”; (2) ADT’s discussions of risk factors did not mention, or adequately describe the risk posed by, the then already occurring 75% increase in year-over-year losses, nor the other complete yet undisclosed materially negative 4Q and FY 2017 results and trends, nor ADT’s dependence on the Trump tax cut to meet even the extreme low end of its 2017 estimate ranges, nor the omission of historically critical metrics, nor the likely and consequent materially adverse effects on the Company’s future results, share price, and prospects; (3) Defendants’ failure to disclose the then complete materially negative 4Q and FY 2017 results and trends, and ADT’s dependence on the Trump tax cut to meet even the extreme low end of its 2017 estimate ranges, much less the likely material effects they would have on ADT’s share price, rendered false and misleading the Registration Statement’s many references to known risks that “if” occurring “might” or “could” affect the Company; and (4) as a result, ADT’s public statements were materially false and misleading at all relevant times.
On March 15, 2018, ADT announced its disappointing fourth-quarter and full-year 2017 earnings and other financial results, stating, in relevant part: “[T]he Company reported net income of $638 million, up from negative $85 million last year, and diluted earnings per share of $0.99 versus $(0.13) in the prior year. Excluding special items, diluted earnings per share were $(0.06) versus $(0.07) in the same period last year. The net income results include a $690 million tax benefit due to the 2017 Tax Reform.” Following this news, the price for ADT shares declined nearly 20%, from a high of $10.72 per share on March 15, 2017, to a low of $8.63 per share on March 16, 2017. As of the time of the filing of this action, ADT shares continue to trade below $9 per share, a decline of over 35% from the $14 per share offering price.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/adt or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in ADT you have until July 20, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | email@example.com