Securities Arbitration Lawyers BlogFederal Securities Class Action Lawsuit Filed Against Fusion Connect, Inc. (FSNN)
A federal securities class action lawsuit has been filed on behalf of investors against cloud computing company Fusion Connect, Inc. (FSNN).
If you are an investor and have suffered a loss with this company, you may be able to recover some of your losses.
Investors who purchased shares of Fusion Connect between August 14, 2018 and April 2, 2019 may be eligible to participate in the lawsuit.
Those who have losses from investing in the company can request to be the lead plaintiff no later than June 17, 2019.
The complaint for the class action lawsuit alleges that Fusion Connect, Inc. made false or misleading statements and/or failed to disclose important information.
The complaint states that the Fusion overstated its earnings for the third quarter of 2018 because of the way its Birch Communications Holdings, Inc subsidiaries capitalized costs.
On April 2, 2019, the company disclosed that accounting errors related to its acquisition of Birch Communications Holdings, and said that old financial statements couldn’t be relied upon.
On April 3, 2019, Fusion stock closed down 81%.
Fusion’s IPO in 2018 netted the company $38,709,000. Craig-Hallum Capital Group LLC was the book-running manager for the offering, and B. Riley FBR, Inc. was co-manager.
If you were a Fusion Connect shareholder and want to learn more about your legal rights, contact the Silver Law Group.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Our attorneys represent investors in class actions against issuers in state or federal court and investors in securities arbitration claims against Wall Street firms for stockbroker misconduct. Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.