Scott+Scott Attorneys at Law LLP Continues Investigating GTT Communications, Inc.'s Directors and Officers for Breach of Fiduciary Duties - GTT
NEW YORK, Oct. 11, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, continues to investigate whether certain directors and officers of GTT Communications, Inc. ("GTT" or the "Company") (NYSE: GTT) breached their fiduciary duties to GTT and its shareholders. If you are a GTT shareholder, you may contact attorney Joe Pettigrew for additional information: 844-818-6982 or [email protected].
In February 2018, GTT announced a $2.3 billion acquisition of Interoute Communications Holdings S.A. ("Interoute"), Europe's largest cloud services platform operator.
Scott+Scott is investigating whether members of GTT's Board of Directors (the "Board") made false and/or misleading statements, or failed to disclose material adverse facts, about GTT's business. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether (1) there were numerous issues with GTT's Interoute integration, including migrating legacy systems into GTT's management database, discrepancies with Interoute's billing systems, and a poor salesforce; (2) GTT also failed to disclose that shortly before the acquisition, Interoute had made a strategic shift conflicting with GTT's exclusive focus on cloud networking; and (3) defendants lacked a reasonable basis for their positive statements about GTT.
On May 8, 2019, GTT reported a larger-than-expected loss and decline in 1Q19 revenue. GTT attributed the negative performance to integration issues with Interoute. On this news, shares of GTT fell $10.38/share over two days, or over 25%, to close at $29.91/share on May 9, 2019.
On August 27, 2019, GTT announced that its Chief Financial Officer was leaving GTT, effective September 30, 2019. On this news, shares of GTT fell $0.63, or 7%, to close at $8.36/share on August 27, 2019.
What You Can Do
If you are a GTT shareholder, you may have legal claims against GTT's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982 or [email protected].
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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