This official website is maintained by the Court-appointed Settlement Administrator under the supervision of Lead Counsel for the members of the Settlement Class in the Action entitled, Solomon vs. Sprint Corporation, et al. Civil Action No. 1:19-cv-05272-MKV (the “Action”), pending in the United States District Court for the Southern District of New York.
***IMPORTANT CASE UPDATE***
On April 19, 2024 settlement checks were mailed to all Authorized Claimants. Please contact the Claims Administrator with any questions regarding your payment or claim.
The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Settlement
of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the
Notice for additional information.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement,
unless you timely request to be excluded.The Class consists of:
“All individuals and entities who purchased or otherwise acquired Sprint Corporation (“Sprint”) common stock between October 25, 2017, and November 1, 2019, both dates inclusive, and who were damaged thereby.”
Please read the Notice carefully.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
|---|---|
| SUBMIT A CLAIM FORM. | The deadline to submit a claim form passed on July 25, 2023. |
| EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION. | The deadline to exclude yourself from the Settlement Class passed on July 25, 2023. |
| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION. | The deadline to object to the Settlement passed on July 25, 2023. |
|
GO TO A HEARING ON AUGUST 14, 2023. |
On August 14, 2023 a Final Approval Hearing was held before the Honorable Mary Kay Vyskocil. The Court granted final approval of the Settlement as well as Plaintiffs’ Counsel motion for an award of attorneys’ fees and expenses and the application for a reimbursement award to Plaintiffs. The relevant Court Order can be found in the Court Documents section of this website. |
What is this case about?
The Amended Complaint alleges violations of the Securities Exchange Act of 1934 for false and misleading statements made to the public concerning the growth in Sprint’s postpaid net additions. Specifically, Plaintiffs allege that during the Class Period and unbeknownst to investors, Sprint misled investors by highlighting that it had 309,000 total postpaid net additions, a widely watched metric by Wall Street analysts, while failing to disclose that these additions were not new customers, but instead driven by free lines offered to Sprint customers and the inclusion of less valuable tablet and other non-phone devices, as well as pre- to post-paid migrations that do not represent new Sprint customers.
The Settlement Fairness Hearing
On August 14, 2023 a Final Approval Hearing was held before the Honorable Mary Kay Vyskocil. The Court granted final approval of the Settlement as well as Plaintiffs’ Counsel motion for an award of attorneys’ fees and expenses and the application for a reimbursement award to Plaintiffs. The relevant Court Order can be found in the Court Documents section of this website.
The Settlement Benefits
The $3,750,000 Settlement Amount, together with any interest earned thereon and/or proceeds thereof shall be the Gross Settlement Fund. The Gross Settlement Fund less taxes, approved costs, fees and expenses (the “Net Settlement Fund”) shall be distributed to members of the Settlement Class who submit valid Proofs of Claim (“Authorized Claimants”).
The Settlement Administrator shall determine each Authorized Claimant’s pro rata share of the Net Settlement Fund based upon each Authorized Claimant’s “Recognized Loss.” The Recognized Loss formula is not intended to be an estimate of the amount of what a Settlement Class Member lost or might have been able to recover after a trial; nor is it an estimate of the amount that will be paid to Authorized Claimants pursuant to the Settlement. The Recognized Loss formula is simply the basis upon which the Net Settlement Fund will be proportionately allocated to Authorized Claimants.
Further Information
This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the documents filed in the case under the “Court Documents” link on the left. You may also contact the Settlement Administrator for further information regarding the Settlement at the phone, address and email address listed below.
Settlement Administrator:
Sprint Securities Litigation
c/o A.B. Data, Ltd.
PO Box 173094
Milwaukee, WI 53217
(877) 390-3469
Info@SprintSecuritiesClassAction.com
Lead Counsel:
Omar Jafri
POMERANTZ LLP
10 South LaSalle Street
Suite 3505
Chicago, IL 60603
Sprint Securities Litigation
c/o A.B. Data, Ltd.
PO Box 173094
Milwaukee, WI 53217
(877) 390-3469
Info@SprintSecuritiesClassAction.com
Lead Counsel:
Omar Jafri
POMERANTZ LLP
10 South LaSalle Street
Suite 3505
Chicago, IL 60603
