Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of WideOpenWest, Inc. (NYSE: WOW) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Act of 1933 relating to the company’s initial public offering (“IPO”) in May 2017. WideOpenWest operates as a cable operator in the United States.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/wideopenwest-inc-oct-2018/
WideOpenWest Accused of Misrepresenting Its Prospects in its Offering Documents
According to the complaint, in May 2017, WideOpenWest conducted its IPO, offering 20,970,589 shares priced at $17.00 per share, raising $356 million in gross proceeds. However, the company failed to disclose in its offering documents that WideOpenWest was losing customers and would be forced to invest additional funds to curtail the loses. On March 14, 2018, the company issued disappointing financial results, announcing a full year decline in total revenue of approximately 4%, and revealing that WideOpenWest had “not lived up to [its] long-held reputation of providing exceptional customer experiences.” In response to these and other disclosures, WideOpenWest’s stock plunged more than 23% on March 15, 2018, to close nearly 59% below the IPO price.
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WideOpenWest Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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