NEW YORK, July 05, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased WideOpenWest, Inc. ("WideOpenWest" or the "Company") (NYSE: WOW ) publicly traded securities pursuant to the Company's initial public offering ("IPO") in May 2017.
All investors who have incurred losses in shares of WideOpenWest, Inc. a re urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information about the firm on our website, www.whafh.com .
According to the filed complaint, between May 25 and May 30, 2017, WideOpenWest conducted its IPO, offering approximately 21 million shares priced at $17.00 per share, raising $356 million in gross proceeds.
However, the company, who claimed its Chicago fiber project was a driver of future growth for the company, failed to disclose that it was planning to sell this valuable project just months after the IPO. The company also failed to disclose that its customer service and user experience had deteriorated such that WideOpenWest was losing customers and would be forced to invest additional funds to curtail the losses.
On March 14, 2018, the company issued its financial results for the fourth quarter and fiscal year 2017, 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," and that the company required "investments of between $20 million and $25 million …"
In response to these and other negative disclosures, WideOpenWest's stock plunged more than 23% on March 15, 2018, to close nearly 59% below the IPO price.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this potential case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com .
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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