The law firm of Goodkind Labaton Rudoff & Sucharow L.L.P. said it has been retained to file a class action lawsuit in the U.S. District Court for the Northern District of Texas on behalf of persons who purchased publicly traded securities of Sprint PCS affiliate Alamosa Holdings Inc. between Jan. 9, 2001, and June 13, 2002.
The firm claims that during the class period Alamosa issued numerous misleading statements that misrepresented or omitted that the carrier was increasing its subscriber base by relaxing its credit criteria for new customers as part of Sprint PCS’ ill-fated Clear Pay offering. The firm added that Alamosa was at the time experiencing high involuntary disconnections related to its high credit risk customers, and as a result was carrying tens of millions of dollars of impaired receivables on its financial statements, and as a result of tightening its credit policies the company experienced low subscription growth.
A handful of law firms filed similar class action claims late last month against Alamosa and well as against fellow Sprint PCS affiliates during the past year.
