Tuesday, March 4, 2014
Labaton Sucharow Files Class Action Lawsuit on Behalf of Investors in NII Holdings, Inc. and NII Capital Corp.NEW YORK (March 4, 2014) — Labaton Sucharow LLP filed a class action lawsuit on March 4, 2014, in the U.S. District Court for the Eastern District of Virginia. The lawsuit was filed on behalf of all persons or entities who, between February 25, 2010 and February 27, 2014, inclusive (the class period), purchased or otherwise acquired the securities of NII Holdings, Inc. (Nasdaq:NIHD) (NII or the Company), including debt securities due in 2021 and paying interest at a rate of 7.625 percent per year (the Notes) issued by NII's wholly-owned subsidiary, NII Capital Corp. (NII Capital) pursuant to offerings on or around March 25, 2011 and December 5, 2011 (the Offerings).
If you purchased or acquired NII or NII Capital securities during the class period as defined above, you are a member of the Class and may be able to seek appointment as lead plaintiff. Lead plaintiff motion papers must be filed with the U.S. District Court for the Eastern District of Virginia no later than May 5, 2014. A lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions about this lawsuit, you may contact Rachel A. Avan, Esq. of Labaton Sucharow LLP, at 800-321-0476 or 212-907-0709, or via email at firstname.lastname@example.org. If you are a member of the Class, you can view a copy of the complaint and join this class action online here.
NII is a telecommunications company based in Reston, Virginia. Through subsidiaries and operating businesses, NII operates wireless voice and data networks in Mexico, Brazil and other countries in Latin America under the NextelTM brand.
The complaint charges NII, NII Capital, and certain of their officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. The complaint alleges that certain defendants made false and misleading statements and concealed material information relating to the Company's declining business, financial state and future prospects. Specifically, defendants caused NII and NII Capital securities to trade at artificially inflated prices by improperly concealing the Company's failing efforts to modernize its telecommunications network and maintain and grow its subscriber base.
Additionally, the complaint alleges that NII, NII Capital, certain of their officers and directors, and certain of the underwriters of the Offerings violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. The complaint alleges that certain defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the issuance of $1.45 billion of NII Capital Notes in March and December 2011.
The complaint alleges that NII slowly revealed its true prospects through a series of disclosures. As a result of those revelations, NII's stock price fell 97.46 percent from its class period-high closing price, and the market price of the Notes declined 64.87 percent from their class period-high closing price.