The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Fusion Connect, Inc. ("Fusion Connect" or the "Company") (NASDAQ: FSNN) securities during the period from August 14, 2018 to April 2, 2019 (the "Class Period"). Investors have until June 16, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Fusion Connect misled investors by overstating its earnings (or understating its net loss), including for the quarters ending June 30, 2018 and September 30, 2018, by failing to properly account for and capitalize costs associated with the customer on-boarding process.
On April 2, 2019, Fusion Connect announced that its financial statements for the second and third quarters of 2018 could no longer be relied upon and would need to be restated. The Company also announced that it would be unable to file its 2018 annual report by the April 2, 2019 extension deadline.
On this news, Fusion Connect's stock price fell $0.98 per share, or 81.67%, to close at $0.22 per share on April 3, 2019.
If you acquired Fusion Connect securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out the contact form at the link below, to discuss your rights or interests with respect to these matters without any cost to you.