GTT Communications has agreed to a $25 million settlement to benefit the company’s investors.
Any person or entity who purchased or acquired publicly traded GTT Communications common stock between Feb. 26, 2018, and Aug. 7, 2019, and were damaged through that acquisition is eligible to file a claim.
The amount each eligible claimant has not yet been determined.
The $25 million will be deposited in an escrow account. Taxes, court and settlement administration costs, and attorneys’ fees will be paid from this account before payments are made to Class Members.
Individuals who purchased or acquired GTT communications common stock during the Class Period on behalf of another person or organization must, within 10 business days of receiving the notice, either request copies of the notice and claim form to forward to those beneficial owners, and, within 10 business days of receiving those packets forward them; or, within 10 business days of receiving the notice, provide the administrator with a list of the names and addresses of those beneficial owners. The administrator will then send the notice and claim form to the beneficial owners.
By following this process, reasonable expenses may be reimbursed by providing the administrator with documentation supporting those expenses.
The claim form and notice also are available on the settlement website or by calling 888-906-0555.
The class action lawsuit was originally filed July 30, 2019.
GTT Communications and the other defendants were accused of misrepresenting acquisition and integration of European telecommunications company Interoute Communications Holdings S.A. and of making false and misleading statements related to its reporting of financial results.
The defendants deny all allegations of wrongdoing or liability.
A hearing in this case is scheduled for April 23, 2021. All requests to appear at the hearing must be received no later than April 2, 2021.
The deadline to object to or exclude yourself from the GTT Communications settlement is April 2, 2021.
Claim forms must be postmarked or submitted online by June 6, 2021.
Any person or entity who purchased or acquired publicly traded GTT Communications common stock between Feb. 26, 2018, and Aug. 7, 2019, and were damaged through that acquisition.
- The amount each eligible claimant has not yet been determined.
- The $25 million will be deposited in an escrow account. Taxes, court and settlement administration costs, and attorneys’ fees will be paid from this account before payments are made to Class Members.
Proof of Purchase
Genuine and sufficient documentation for all transactions in and holdings of GTT common stock set forth in the Schedule of Transactions in Part III of the Claim Form copies of brokerage confirmation slips, monthly brokerage account statements, or an authorized statement from your broker that contains the transactional and holding information that can be found on a brokerage confirmation slip or account statement.
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
Plymouth County Retirement System, et al. v. GTT Communications Inc., et al., Case No. 1:19-cv-00982-CMH-MSN, U.S. District Court, Eastern District of Virginia, Alexandria Division
GTT Securities Litigation
c/o JND Legal Administration
P.O. Box 91247
Seattle, WA 98111
Lester R. Hooker
SAXENA WHITE PA
J. Wesley Earnhardt
CRAVATH, SWAINE & MOORE LLP
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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.