NII Capital Corp. provides senior notes to NII Holdings, Inc. The company is based in Reston, Virginia. NII Capital Corp. is a subsidiary of NII Holdings, Inc.
1875 Explorer Street
Reston, VA 20190
Labaton Sucharow LLP Files Class Action Lawsuit on Behalf of Investors in NII Holdings Inc. and NII Capital Corp
Mar 4 14
Labaton Sucharow LLP filed a class action lawsuit on March 4, 2014 in the U.S. District Court for the Eastern District of Virginia. The lawsuit was filed on behalf of all persons or entities who between February 25, 2010 and February 27, 2014, inclusive (Class Period), purchased or otherwise acquired the securities of NII Holdings Inc., including debt securities due in 2021 and paying interest at a rate of 7.625% per year issued by NII's wholly-owned subsidiary, NII Capital Corp. pursuant to offerings on or around March 25, 2011 and December 5, 2011. The complaint charges NII, NII Capital, and certain of their officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. The complaint alleges that certain Defendants made false and misleading statements and concealed material information relating to the company's declining business, financial state, and future prospects. Specifically, Defendants caused NII and NII Capital 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, NII Capital, 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. The complaint alleges that certain Defendants made false and misleading statements and 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. The complaint alleges that NII slowly revealed its true prospects through a series of disclosures. As a result of those revelations, NII's stock price fell 97.46% from its Class Period-high closing price, and the market price of the Notes declined 64.87% from their Class Period-high closing price. The plaintiffs are represented by Labaton Sucharow LLP, which represents many of large pension funds in the United States and internationally with collective assets under management of more than $2 trillion. With nearly 60 full-time attorneys, the Firm's litigation reputation is built on its in-house team of investigators, financial analysts, and forensic accountants.