INVESTOR ALERT: Edelson Lechtzin LLP Urges DISH Network Corporation (NASDAQ: DISH) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, April 6, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of DISH Network Corporation (“DISH” or the “Company”) (NASDAQ: DISH) common stock between February 22, 2021, and February 27, 2023, both dates inclusive (the “Class Period”).
Investors who purchased DISH Network Corporation common stock may move the U.S. District Court for the District of Colorado to appoint them as lead plaintiff, no later than May 22, 2023. Current holders of DISH stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on DISH Network
Headquartered in Englewood, Colorado, DISH Network, together with its subsidiaries, is an American television provider that offers Pay-TV services. They operate in two different segments, Wireless and Pay-TV.
The Securities Fraud Claims
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and misleading statements and failed to disclose that: (i) the Company had overstated its operational efficiency and maintained a deficient cybersecurity and information technology infrastructure; (ii) as a result, DISH was unable to properly secure customer data, leaving it vulnerable to access by malicious third parties; (iii) the foregoing cybersecurity deficiencies rendered Dish’s operations susceptible to both widespread service outages and hindered the Company’s ability to respond to such outages; and (iv) as a result, the Company’s statements were materially false and misleading at all relevant times.
On February 24, 2023, DISH 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 they had determined that the outage was due to a cyber-security incident and the appropriate law enforcement had been notified. 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.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.