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About the Lawsuit
Frontier and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 27, 2017, Frontier revealed a Q4 2016 net loss of $80M from the “resolution of nonpaying acquired CTF accounts,” an account cleanup process since July 20, 2016 related to its April 2016 purchase of Verizon Communications operations in California, Texas and Florida. On May 2, 2017, Frontier reported a $75M Q1 2017 net loss and a Q1 revenue decline of $53M by year, including $16M from CTF non-paying accounts and automation of legacy non-pay disconnects.
On this news, the price of Frontier’s shares plummeted.
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