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GTT Securities Litigation Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

GTT Communications, Inc. is paying $25 million to resolve a class action alleging it violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the associated Rule 10b-5. The case relates to GTT’s acquisition of Interoute Communications Holdings SA, a European telecommunications company. The complaint alleged that GTT made false and misleading statements, claiming that the acquisition was strategic for GTT and that the integration of the company was “on track.” Other false and misleading statements, the complaint alleged, involved GTT’s statements about its financial controls and accuses the company of accounting manipulations that hid the negative impact of the Interoute integration on GTT.

For more information, see the Notice at https://www.gttsecuritieslitigation.com/admin/services/connectedapps.cms.extensions/1.0.0.0/asset?id=2bdf72da-3c9d-4511-a1b8-abc97c8c3204&languageId=1033&inline=true.

Docket Number:

1:19-cv-00982-CMH-MSN

Company: GTT Communications, Inc.

Filing Deadline: June 6, 2021

Class Period: February 26, 2018 to August 7, 2019

Objection Deadline: April 2, 2021

Exclusion Deadline: April 2, 2021

Final Approval Hearing: April 23, 2021

Proof of Purchase:

You must provide documentation of your GTT holdings and transactions.

Eligibility:

You may be eligible if you are a person or entity who bought or otherwise acquired the publicly-traded common stock of GTT Communications between February 26, 2018 and August 7, 2019 and who were damaged thereby.

Typical Settlement Amount:

Estimated damages, before deduction of the Court-approved fees and expenses in this case, is $0.61 per share. However, individual payments may involve more or less than this, depending on a number of factors, such as when they made their transactions, and the number of valid claims forms submitted. Claims must amount to at least $10 in order to be paid.

For more information, see the plan of allocation set forth in the Notice at https://www.gttsecuritieslitigation.com/admin/services/connectedapps.cms.extensions/1.0.0.0/asset?id=2bdf72da-3c9d-4511-a1b8-abc97c8c3204&languageId=1033&inline=true.

Total Settlement Amount: $25,000,000

Class Representative Proposed Incentive Fee:

Unknown

Law Firms:
Cohen Milstein Sellers & Toll
Saxena White PA

Claim Form: GTT Securities Litigation Settlement Claim Form

Case Name: Plymouth County Retirement System v. GTT Communications, Inc.

Settlement Website: GTT Securities Litigation Settlement Website

Claims Administrator:
JND Legal Administration

Claims Administrator Contact Information:

GTT Securities Litigation
c/o JND Legal Administration
P.O. Box 91247
Seattle, WA 98111
1-888-906-0555

Tags: Mergers or Acquisitions, Providing False or Misleading Information, Securities