Uniti Group Inc. Securities Litigation Case Dismissed in United States District Court

Rhea-AI Summary

Uniti Group announced the dismissal of all claims in a securities lawsuit filed by SLF Holdings against it and its officers. The U.S. District Court for Delaware ruled on November 4, 2020, that amending the complaint would be futile and dismissed SLF’s claims with prejudice. The lawsuit alleged failure to disclose risks related to Windstream’s bankruptcy, but the court found Uniti's disclosures were adequate, rejecting claims of conspiracy to mislead investors.

Positive

• Court dismissal of SLF Holdings lawsuit eliminates potential legal liabilities.
• The court found Uniti's public disclosures regarding risks sufficient, enhancing investor confidence.

Negative

• None.

LITTLE ROCK, Ark., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) announced today that, in an order dated November 4, 2020, the United States District Court for the District of Delaware has dismissed all claims asserted by SLF Holdings, LLC (“SLF”) in a securities action lawsuit against the Company, Uniti Fiber Holdings Inc. and certain of the Company’s current and former officers, in connection with Uniti Fiber’s purchase of Southern Light, LLC from SLF in July 2017. The Court’s order held that amendment of the complaint would be futile and dismissed SLF’s claims with prejudice.

The lawsuit had alleged that defendants failed to disclose certain risks related to Windstream Holdings, Inc.’s lawsuit with Aurelius Capital Management and Windstream’s subsequent bankruptcy. The court rejected all such claims noting that Uniti’s public disclosures of these matters were sufficient and that SLF failed to show that defendants “conspired to hide risks and purposefully mislead investors.”

ABOUT UNITI

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of June 30, 2020, Uniti owns 6.5 million fiber strand miles and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

INVESTOR AND MEDIA CONTACTS:

Mark A. Wallace, 501-850-0866
Executive Vice President, Chief Financial Officer & Treasurer
mark.wallace@uniti.com

Bill DiTullio, 501-850-0872
Vice President, Finance and Investor Relations
bill.ditullio@uniti.com

FAQ

What was the outcome of the Uniti Group lawsuit with SLF Holdings?

The U.S. District Court dismissed all claims asserted by SLF Holdings against Uniti Group, ruling that the amendment of the complaint would be futile.

When was the Uniti Group lawsuit dismissed?

The lawsuit was dismissed on November 4, 2020.

What were the allegations in the Uniti Group lawsuit?

SLF Holdings alleged that Uniti failed to disclose risks related to Windstream Holdings’ bankruptcy.

What did the court say about Uniti's disclosures?

The court stated that Uniti's public disclosures were sufficient and found no evidence of a conspiracy to mislead investors.

What is Uniti Group's primary business?

Uniti Group is a real estate investment trust that focuses on communications infrastructure and owns 6.5 million fiber strand miles.