PHILADELPHIA, March 23, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI) on behalf of long-term Crown Castle stockholders.
Recently a shareholder class action complaint was filed against Crown Castle on behalf of investors who purchased shares of Crown Castle’s common stock between February 26, 2018 and February 26, 2020. The complaint alleges that during that time period Crown Castle and certain of the Company’s executive officers issued a series of false and misleading statements to investors about the Company’s financial accounting and internal controls.
On February 26, 2020, Crown Castle disclosed that it would be restating its previously issued financial statements for fiscal years 2017, 2018, and for the first three quarters of fiscal 2019. The Company further disclosed that, as a result of the restatement, “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 [Crown Castle’s] Previous 2020 Outlook.” Following this news, shares of Crown Castle’s common stock declined $14.38 per share, or nearly 9% in value, to close on February 27, 2020 at $148.31 per share.
The investigation seeks to determine whether the members of Crown Castle’s board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.
Crown Castle stockholders who purchased or acquired shares of the Company’s common stock prior to February 26, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at firstname.lastname@example.org or online at https://kaskelalaw.com/case/crown-castle/, for additional information about this investigation and their legal rights and options with respect to this matter.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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