Robbins Geller Reaches $131 Million Settlement for Sprint Investors in Securities Class Action
On March 30, 2015, plaintiffs presented a $131 million settlement to the court in a case resolving claims arising out of the disastrous merger between Sprint Corp. and Nextel Communications. The case, Bennett v. Sprint Nextel Corp., alleges that Sprint, former Chief Executive Officer Gary Forsee and other company officials made misleading statements that artificially inflated the value of Sprint’s securities. About a year ago, United States District Judge Eric F. Melgren granted plaintiffs’ motion for class certification. This is a significant victory for lead plaintiffs West Virginia Investment Management Board, PACE Industry Union-Management Pension Fund and Skandia Life Insurance Company which filed the case in 2009, seeking damages for losses on securities purchased during the October 26, 2006 through February 27, 2008 class period. Robbins Geller partner Tor Gronborg, plaintiffs’ co-lead counsel, commented that “this excellent result, after six years of litigation, demonstrates our Firm’s resolve to vindicate the rights of investors.”
Additional information about the Sprint settlement can be found here.