Did you lose money on investments in Dish? If so, please visit DISH Network Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of DISH Network Corporation (“Dish” or the “Company”) (NASDAQ: DISH) between February 22, 2021 and February 27, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Colorado and alleges violations of the Securities Exchange Act of 1934.
Dish, together with its subsidiaries, provides pay-TV services in the United States. The Company operates in two segments, Pay-TV and Wireless. Dish offers video services under the DISH TV brand; and programming packages that include programming through national broadcast networks, local broadcast networks, and national and regional cable networks, as well as regional and specialty sports channels, premium movie channels, and Latino and international programming packages.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) the Company overstated its operational efficiency and maintained a deficient cybersecurity and information technology infrastructure; (ii) as a result of the foregoing, the Company was unable to properly secure customer data, leaving it vulnerable to access by malicious third parties; and (iii) the foregoing cybersecurity deficiencies also both rendered Dish’s operations susceptible to widespread service outages and hindered the Company’s ability to respond to such outages.
On February 24, 2023, the Company announced that a “network outage” caused the Company’s websites and apps to cease functioning, subjected customers to authentication issues when signing into TV channel apps using their Dish credentials and appeared to render the Company’s call center phone numbers unreachable.
Then, on February 28, 2023, Dish confirmed that it had “determined that the outage was due to a cyber-security incident and notified appropriate law enforcement authorities,” adding that the “threat agent” behind the ransomware attack stole data from Dish’s compromised systems, potentially containing personal information.
On this news, Dish’s stock price fell $0.79 per share, or 6.48%, to close at $11.41 per share on February 28, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than May 22, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Dish securities, and/or would like to discuss your legal rights and options please visit DISH Network Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
