Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Frontier Communications Corporation (FTR)

NEW YORK, Sept. 28, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Frontier Communications Corporation (“Frontier” or the “Company”) (NASDAQ:FTR) in the United States District Court for the District of Connecticut on behalf of a class consisting of investors who purchased or otherwise acquired Frontier securities on the open market from April 1, 2016 through May 2, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

The Complaint alleges Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Frontier acquired a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc.; (2) consequently, Frontier would be required to increase its reserves and write off amounts from accounts receivable associated with the non-paying accounts; and (3) as a result of the foregoing, Defendants’ statements about Frontier’s business, operations and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than November 27, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.