SOURCE: Izard Nobel LLP

December 16, 2009 14:02 ET

Izard Nobel LLP Announces Class Action Lawsuit Against MetroPCS Communications Inc.

HARTFORD, CT--(Marketwire - December 16, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Texas on behalf of those who purchased the common stock of MetroPCS Communications Inc. ("MetroPCS" or the "Company") (NYSE: PCS) between February 26, 2009 and November 4, 2009, (the "Class Period").

The Complaint charges that MetroPCS and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following facts: (i) MetroPCS was losing customers at a higher rate than previously experienced and was failing to add new customers due to increased competition; (ii) the Company's average revenue per user was lower than expected due to an increase in promotional activity; (iii) the first quarter increase in subscribers was due to a promotion whereby customers received the first month free and could cancel without penalty; (iv) the reported new subscriber numbers included upgraded subscribers as new additions; and (v) the costs of acquiring new customers was increasing due to an intensification of MetroPCS' marketing campaigns in the Northeast.

On November 5, 2009, 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.

If you are a member of the class, you may, no later than February 15, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/metropcs/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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