NEW YORK, — Pomerantz LLP announces that a class action lawsuit has been filed against Vodafone Group plc (“Vodafone” or the “Company”) (NASDAQ:VOD) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 18-cv-01339, is on behalf of a class consisting of investors who purchased or otherwise acquired Vodafone American Depository Receipts (“ADRs”) securities between February 11, 2015 and January 10, 2018, both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Vodafone securities between February 11, 2015, and January 10, 2018, both dates inclusive, you have until March 20, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications. The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa, and the Middle East through its subsidiaries, associates, and investments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Vodafone had contravened Australian law by permitting customers to purchase pre-paid mobile phones without first verifying their identities; and (ii) as a result of the foregoing, Vodafone shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On January 10, 2018, post-market, the Australian Communications and Media Authority (“ACMA”) announced that an investigation into Vodafone Australia (“VHA”) revealed that VHA had contravened Australian law by permitting customers to purchase pre-paid mobile phones without first verifying their identities. Specifically, an update to VHA’s website allowed customers “to select that their identity had been verified in a store and then proceed to activate their service through the use of the website” without confirming that the customers’ identities had in fact been verified, as required by law. VHA has entered into an enforceable undertaking with ACMA to ensure that its identity checks are up to date.
On this news, Vodafone’s American Depositary Receipt price fell $0.21 or 0.66%, to close at $31.44 per share on January 11, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com