Shareholders Foundation, Inc.

NII Holdings Inc (NASDAQ:NIHD) Investor Alert: Lawsuit Alleges False and Misleading Statements

A lawsuit was filed on behalf of investors in NII Holdings Inc (NASDAQ:NIHD) shares over alleged securities laws violations. NASDAQ:NIHD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (ReleaseWire) -- 05/14/2014 -- An investor who purchased shares of NII Holdings Inc (NASDAQ:NIHD), filed a lawsuit in the U.S. District Court for the Eastern District of Virginia over alleged violations of Federal Securities Laws by NII Holdings Inc in connection with certain allegedly false and misleading statements made between February 25, 2010 and February 27, 2014.

Investors who purchased shares of NII Holdings Inc (NASDAQ:NIHD), including debt securities due in 2021 and paying interest at a rate of 7.625 percent per year issued by NII Holdings Inc's wholly-owned subsidiary, NII Capital Corp. pursuant to offerings on or around March 25, 2011 and December 5, 2011 have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of NII Holdings Inc (NASDAQ:NIHD) between NII Holdings Inc (NASDAQ:NIHD) between February 25, 2010 and February 27, 2014, purchased or otherwise acquired the securities of NII Holdings Inc (NASDAQ:NIHD), including debt securities due in 2021 and paying interest at a rate of 7.625 percent per year (the "Notes") issued by NII Holdings Inc's wholly-owned subsidiary, NII Capital Corp. pursuant to offerings on or around March 25, 2011 and December 5, 2011, that NII Holdings Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that defendants caused NII Holdings Inc and NII Capital Corp. securities to trade at artificially inflated prices by improperly concealing the Company's failing efforts to modernize its telecommunications network and maintain and grow its subscriber base.

Additionally, the complaint alleges that NII Holdings Inc, NII Capital Corp., certain of their officers and directors, and certain of the underwriters of the Offerings violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. More specifically, the plaintiff claims that certain Defendants made allegedly false and misleading statements and allegedly failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the issuance of $1.45 billion of NII Capital Notes in March and December 2011.

On February 28, 2014, NII Holdings Inc reported its 2013 fourth quarter and year-end results. For the fourth quarter of 2013, the Company reported a net loss of 247,000 subscribers and for the full year 2013, the Company generated a net loss from continuing operations of $1.6 billion. Shares of NII Holdings Inc (NASDAQ:NIHD) declined from as high as $42.89 per share in early 2011 to as low as $0.58 per share on May 7, 2014.

On March 12, 2014, NASDAQ:NIHD shares closed at $0.70 per share.

Those who purchased shares of NII Holdings Inc (NASDAQ:NIHD) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com