SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

December 17, 2009 11:27 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of MetroPCS Communications Inc. Investors; Announces Upcoming Investor Deadline - PCS

DENVER, CO--(Marketwire - December 17, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Northern District of Texas on behalf of purchasers of MetroPCS Communications Inc. ("MetroPCS") (NYSE: PCS) common stock during the period between February 26, 2009 and November 4, 2009 (the "Class Period").

If you wish to serve as a lead plaintiff, you must move the court no later than February 15, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, Ext. 302, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that during the Class Period defendants issued a series of false and misleading statements regarding the Company's business. Defendants' statements allegedly misrepresented and failed to disclose the following adverse facts: (a) the Company was losing customers at a higher rate than previously experienced and was failing to add new customers due to increased competition; (b) the Company's average revenue per user was lower than expected due to an increase in promotional activity; (c) the Company's increase in subscribers in the first quarter was due to a promotion whereby customers received the first month free and could cancel without penalty; (d) the reported new subscriber numbers were artificially inflated by the inclusion of upgraded subscribers as new additions; (e) the costs of acquiring new customers was increasing due to an intensification of the Company's marketing campaigns in the Northeast market along with its promotional activities; and (f) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

On November 5, 2009, before the market opened, MetroPCS 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. In response, the price of MetroPCS stock fell almost 10%.

Plaintiff seeks to recover damages on behalf of MetroPCS investors. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. For more information about the firm, please go to www.DyerBerens.com.

Contact Information


  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362
    (303) 861-1764, Ext. 302
    Email: Email Contact