Co-Lead Counsel Wolf Popper LLP Files Amended Complaint Alleging WideOpenWest and other Defendants Made False Statements in IPO Documents
On November 19, 2018, co-lead counsel Wolf Popper LLP filed an Amended Complaint in Kirkland v. WideOpenWest, Inc., No. 653248/2018, pending in New York State Supreme Court, New York County. The Amended Complaint alleges that WideOpenWest, Inc. (“WOW”), certain of its officers and directors, and WOW’s underwriters made materially false and misleading statements in WOW’s IPO documents in violation of the Securities Act of 1933. The Amended Complaint alleges, among other things, that the IPO documents (i) failed to disclose serious problems with WOW’s customer service function, customer DVR technology, and Chicago fiber network, and risks related to WOW’s lowering of prospective customer requirements; (ii) overstated WOW’s goodwill and valuation of franchise operating rights; and (iii) understated WOW’s bad debt expense and allowance for doubtful accounts. When the truth was revealed in March 2018, WOW’s stock price declined more than 23%, closing 59% below WOW’s IPO price, causing WOW’s shareholders significant damages.
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