NEW YORK, June 17, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Telephone & Data Systems, Inc. (“TDS” or the “Company”) (NYSE: TDS, TDSPrU and TDSPrV) and reminds investors of the July 3, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Telephone & Data Systems stock or options between May 6, 2022 and November 3, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330Â (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TDS.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint alleges, in part, that TDS and its subsidiary, United States Cellular Corporation (“UScellular”), made materially false and/or misleading statements and/or failed to disclose that: (i) Defendants had no reason to believe UScellular’s “free upgrade” promotional activity, which was tested and trialed during the second quarter of 2022, was effective at reducing the UScellular’s postpaid churn rate as they represented to investors, as opposed to merely adding new postpaid subscribers, when its churn rate was actually increasing or remaining constant over most quarters in the class period; (ii) UScellular was not making progress with respect to its churn rate, as it represented to investors; (iii) UScellular was not in fact balancing its promotional activity and its profitability; (iv) due to extreme competition among postpaid carriers, UScellular did not have the flexibility to offset the costs from widespread, expensive promotions with price increases; and (v) as a result of the Companies’ decision for UScellular to continue engaging in heavy promotions to address its postpaid subscriber churn rate despite any lack of positive impact on churn rate, UScellular’s profitability substantially declined.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.Â
Faruqi & Faruqi, LLP also encourages anyone with information regarding Telephone & Data Systems’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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