NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI) securities during the period from February 26, 2018 through February 26, 2020. Investors have until April 27, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) Crown Castle’s internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (ii) Crown Castle’s financial accounting and reporting were not in accordance with GAAP; (iii) Crown Castle’s net income, adjusted EBITDA, and adjusted funds from operations were inflated; and (iv) 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.
On February 26, 2020, Crown Castle announced that its “long-standing historical practice with respect to services revenues... was not acceptable under GAAP” and that the Company would restate its financial statements for the years ended December 31, 2018 and 2017. Crown Castle also announced that “the preliminary impact to each of Net Income, Adjusted EBITDA, and AFFO is a decrease of approximately $100 million for full year 2019 actuals and a decrease of approximately $90 million to our Previous 2020 Outlook.”
On this news, Crown Castle’s share price fell $14.38, or 8.8%, to close at $148.31 per share on February 27, 2020.
If you acquired Crown Castle securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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