Rural Cellular Corp. is being sued by the law firm of Schiffrin & Barroway in a shareholder class-action lawsuit.
“The complaint charges Rural Cellular Corp. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants are liable as a participant in a fraudulent scheme and course of conduct that operated as a fraud or deceit on purchasers of Rural Cellular Corp. common stock by disseminating materially false and misleading statements and/or concealing material adverse facts,” read a statement released by Schiffrin & Barroway.
The suit was filed Thursday in U.S. District Court for the District of Minnesota.
