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TDS.US
id: 696, Created by Stan Vick, Scout
Telephone & Data Systems (TDS) Case on Misleading
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N.D. Illinois
Court1:23-cv-02764
Case number- UScellular significantly lowered guidance on 2022 financials.
- $TDS lost 25% or $450 million of its market cap.
- Investors suspect UScellular and its Leaders of misleading.
On November 3, 2022, UScellular (TDS) announced results for Q3 2022, including that service revenues totaled $781 million, versus $788 million for the same period in the previous year, and that net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(12) million and $(0.15), respectively, for Q3 2022 compared to $34 million and $0.38, respectively, for Q3 2021.
UScellular also announced that it was reducing the Company’s fiscal year 2022 outlook, such that the upper bounds for the ranges of 2022 guidance concerning service revenues, adjusted OIBDA, and adjusted EBITDA were lowered by $50 million, $75 million, and $75 million, respectively.
Following this news, the $TDS price fell 25% and the Company lost $450 million of its market capitalization, seriously injuring investors.
- Taking all facts into account, Investors suspect UScellular and its Leaders of misleading and financial misrepresentations.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03 November 2022
Filing date
02 May 2023
Lead Plaintiff Deadline
01 July 2023