Lawsuit filed for Investors in shares of GTT Communications Inc (NYSE: GTT)

An investor, who purchased shares of GTT Communications Inc (NYSE: GTT), filed a lawsuit over alleged violations of Federal Securities Laws by GTT Communications Inc.

Investors who purchased shares of GTT Communications Inc (NYSE: GTT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 15, 2021. NYSE: GTT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

McLean, VA based GTT Communications, Inc. provides cloud networking services to multinational enterprises, carriers, and government customers in the United States, Europe, and internationally.

On August 10, 2020, after market hours, GTT Communications Inc filed a Notification of Late Filing with the U.S. Securities and Exchange Commission ("SEC"), stating that the Company "is unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (the 'Form 10-Q') within the prescribed time period without unreasonable effort or expense." GTT's SEC filing disclosed that "[i]n the course of closing the Company's books for the quarter ended June 30, 2020, the Company identified certain issues related to the recording and reporting of Cost of Telecommunications Services and related internal controls."
On November 9, 2020, GTT Communications Inc announced its quarterly report for the quarter ended September 30, 2020 would be delayed as well. The Company discussed the ongoing review "examining the accounting for Cost of Telecommunications Services and [. . .] a number of issues in connection with the Company's previously issued financial statements".

Shares of GTT Communications Inc (NYSE: GTT) declined from $15.14 per share in February 2020 to as low as $3.05 per share on January 6, 2021.

The plaintiff claims that between May 5, 2016 and November 9, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the Company's internal controls suffered from issues related to the recording and reporting of Cost of Telecommunications Services, that the Company's previously reported Cost of Telecommunications was inaccurate or accounted for unsupported adjustments, that inadequate internal controls would result in delays in the Company's 10-Q quarterly reports; and that as a result of the foregoing, Defendants' public statements were materially false and/or misleading and/or lacked a reasonable basis.

Those who purchased shares of GTT Communications Inc (NYSE: GTT) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.