SOURCE: Brower Piven, A Professional Corporation

January 04, 2010 14:08 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in MetroPCS Communications, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 16, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - January 4, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of purchasers of the common stock of MetroPCS Communications, Inc. ("MetroPCS" or the "Company") (NYSE: PCS) during the period between February 26, 2009 and November 4, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 16, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that in addition to a decrease in average revenue per user as a result of increased promotional costs, the Company was losing customers at a higher rate than previously experienced and was failing to add new customers due to increased competition, coupled with the Company failing to reveal that an increase in subscribers in the first quarter was due to a promotion whereby customers received the first month free and could cancel without penalty that reported new subscriber numbers were artificially inflated by the inclusion of upgraded subscribers as new additions, defendants lacked a reasonable basis for their positive statements during the Class Period about the Company and its prospects. According to the complaint, on November 5, 2009, after the Company issued a press release announcing its third quarter 2009 financial results, reporting that the Company's net additions were below expectations due to elevated churn and a deceleration in gross additions, and lowering its guidance for the year, the value of MetroPCS stock declined significantly.

If you have suffered a net loss for all transactions in MetroPCS Communications, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact