Altice USA, Inc.

Altice USA  (ATUS) Accused of Failing to Admit Risk Factors in Offering Documents

According to the complaint, in June 2017, Altice USA (ATUS) held its IPO, issuing over 71 million shares of Altice USA common stock and raising over $2.15 billion in gross proceeds. Altice USA, which was the U.S. subsidiary of Altice N.V., a Netherlands-based multinational telecommunications company, repeatedly referred to its relationship to Altice N.V. as one of its “competitive strengths.” However, Altice N.V. was far from a competitive advantage because it was suffering severe customer attrition in its key markets due to mismanaged price increases and shoddy network and customer support. On November 2, 2017, Altice USA and Altice N.V. both announced financial results, with Altice N.V. announcing severely disappointing revenue, margin, and earnings declines in its two most important markets, France and Portugal. Altice N.V. and Altice USA then announced a management and governance reorganization, including the resignation of Altice USA’s Chief Executive Officer, while investors and market analysts expressed concern and the price for Altice USA shares continued to decline. Now, Altice USA shares trade below $18 per share—an approximate 40% decline from the $30 offering price.

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