NEW YORK, NY / ACCESSWIRE / July 13, 2018 / Pomerantz LLP is investigating claims on behalf of investors of WideOpenWest, Inc. ("WideOpenWest” or the "Company”) (NYSE: WOW). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether WideOpenWest and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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Between May 25, 2017, and May 31, 2017, WideOpenWest conducted its initial public offering ("IPO”) of 20,970,589 shares of stock priced at $17.00, raising proceeds of approximately $337.8 million. On March 14, 2018, WideOpenWest announced its financial and operating results for the fourth quarter and fiscal year 2017, reporting a full year decline in total revenue of approximately 4%. On an earnings call discussing the results, WideOpenWest's Chief Executive Officer Teresa Elder stated that the Company has "not lived up to [its] long-held reputation of providing exceptional customer experiences,” and that WideOpenWest's failures would necessitate "investments of between $20 million and $25 million . . . in customer experience, customer acquisition and retention, products and services and, of course, [its] people.” In addition, WideOpenWest announced that it was required to record a $147.4 million impairment to indefinite-lived intangible assets and goodwill, which the Company stated was primarily driven by WideOpenWest's stock price decline. Following these disclosures, WideOpenWest's stock price fell $2.14, or 23.31%, to close at $7.04 on March 15, 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.
SOURCE: Pomerantz LLP
