|By PR Newswire||
|March 13, 2014 06:02 PM EDT||
NEW YORK, March 13, 2014 /PRNewswire/ -- Frank & Bianco LLP is investigating securities fraud claims against NII Holdings, Inc. ("NII" or the "Company") (NASDAQ: NIHD) and certain of its officers and directors, on behalf of (1) purchasers of NII securities between February 25, 2010 and February 27, 2014, inclusive (the "Class Period"); and (2) purchasers of certain debt securities due in 2021 and paying interest at a rate of 7.625 percent per year (the "Notes"), issued by NII's wholly-owned subsidiary, NII Capital Corp. ("NII Capital") pursuant or traceable to registered public offerings on or about March 25, 2011 and December 6, 2011 (the "Note Offerings").
The investigation concerns violations of the Securities Act of 1933 (the "Securities Act") that occurred in connection with material misstatements in the Offering Documents related to the Note Offerings, and violations of the Securities Exchange Act of 1934 (the "Exchange Act") that occurred when the Company and certain of its officers and/or directors issued materially false and misleading statements or omitted to state material information during the Class Period. These material misstatements and/or false and misleading statements concerned the progress of NII's efforts to modernize its network systems, its outlook for future growth and profitability, and the value of certain deferred tax assets. As a result of these misstatements and omissions, NII's common stock traded at artificially inflated prices throughout the Class Period, and the Notes were offered and traded at artificially inflated prices.
Between August 7, 2012 and February 28, 2014, the Company made a series of disclosures that revealed the true state of its obsolescent business model and declining prospects. As a result of those revelations, NII's stock price fell 97.46 percent from its Class Period-high closing price, and the market price of the Notes declined 64.87 percent from their Class Period-high closing price.
If you purchased NII or NII Capital securities within the Class Period, or purchased the Notes pursuant or traceable to the Note Offerings, and you wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
SOURCE Frank & Bianco LLP
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