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Investigations  /  12.10.2019

Investigation of Uniti Group

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Uniti Group Inc. (UNIT) Accused of Misleading Shareholders

According to the complaint, in March 2015, Uniti Group Inc. (UNIT) spun off from Windstream Holdings, Inc. Simultaneously, Windstream became Uniti’s main customer. However, when Uniti began publicly trading in April 2015, the Company failed to disclose in its information statement that its financial results were not sustainable because Windstream had defaulted on its unsecured notes. Then, on September 21, 2017, the hedge fund Aurelius Capital Master, Ltd., an owner of more than 25% of Windstream’s unsecured notes, served a notice to Windstream that the spin-off of Uniti constituted a sale and leaseback in breach of the notes’ indenture. As a result, on February 15, 2019, United States District Judge Jesse M. Furman ruled that the 2015 Windstream breached the indenture and awarded Aurelius a monetary judgment in the amount of $310,459,959.10 plus interest. On this news, Uniti’s share price fell $10.75, or almost 54%, over the course of the next three trading days to close at $9.23. The stock continues to decline and currently trades at around $7.00.

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