Shareholder Derivative Action Filed Against Certain Officers and Directors of Crown Castle International Corp. – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims Against Certain Officers And/Or Directors of Crown Castle
Kehoe Law Firm, P.C. is making investors aware that a shareholder derivative action has been filed in United States District Court for the District of Delaware for the benefit, of Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI-PA) seeking to remedy the individual Crown Castle Defendants’ breach of fiduciary duties, waste of corporate assets, unjust enrichment, and violation of Section 10(b) of the Securities Exchange Act of 1934 that occurred between February 27, 2018 through the present (the “Relevant Period”) and have caused substantial harm to the Company.
According to the complaint, Crown Castle Defendants
. . . issued materially false and/or misleading statements, because the statements misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to the Individual Defendants or recklessly disregarded by them. Specifically, Individual Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (ii) the Company’s financial accounting and reporting was not in accordance with GAAP; (iii) the Company’s net income, adjusted EBITDA, and AFFO were inflated; (iv) the Company would need to restate its financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018, and for the first three quarters in the year ended December 31, 2019; and (v) as a result, Individual Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.