Sprint Investors’ Lawsuit Gets Class-Action Status

Sprint's campus in Overland Park, Kan. | Photo courtesy of Creative Commons
Overland Park, Kan.-based Sprint is facing a class-action suit over its 2005 merger with Nextel. | Courtesy of Creative Commons

Several investors who sued Sprint Corp. after its merger with Nextel back in 2005 have finally won court approval for class-action status. Their lawsuit filed five years ago alleged Sprint misrepresented its business and financial results surrounding the Nextel merger in ways that pushed its stock artificially high.

A judge in the U.S. District Court for Kansas decided that investors who owned Sprint shares or bonds have enough in common to be treated as a group. Overland Park, Kan.-based Sprint is the nation’s No. 3 wireless carrier, with nearly 54 million subscribers.

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