LITTLE ROCK, Arkansas, United States-The law firm of Cauley Geller Bowman & Coates filed a class-action lawsuit in the U.S. District Court for the Southern District of New York on behalf of purchasers of Vodafone Group publicly traded securities, charging Vodafone and certain of its officers and directors with issuing false and misleading statements concerning its business condition.
The lawsuit alleges that Vodafone stated it maintained a solid balance sheet and did not disclose a number of adverse facts, including an improper delay in writing down billions of dollars in goodwill and impaired assets, that Vodafone overpaid for a number of acquisitions it had made in prior years and that its representation that it would maintain a record of delivering outstanding performance was “lacking in a reasonable basis.”
