BALA CYNWYD, Pennsylvania, United States—The law offices of Marc Henzel and Cauley Geller Bowman & Coates filed class action lawsuits in the U.S. District Court for the Eastern District of Virginia on behalf of purchasers of XO Communications common stock.
The complaint alleges, among other things, that XO issued false and misleading statements regarding its financial condition, as well as its present and future business prospects. In particular, the complaint alleges that defendants misled the investing public concerning the ability of XO to survive until it would be cash flow positive.
The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased XO’s stock at artificially inflated prices.
