USM INVESTOR ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation Involving Possible Securities Fraud Violations by Officers of United States Cellular Corporation

PR Newswire · 05/11/2023 05:45

NEW YORK, May 11, 2023 /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of United States Cellular Corporation ("UScellular" or the "Company") (NYSE: USM) concerning possible violations of federal securities laws.

After market closed on November 3, 2022, UScellular announced results for the third fiscal quarter ended September 30, 2022, including that service revenues totaled $781 million, versus $788 million for the same period in the previous year, and that net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $(12) million and $(0.15), respectively, for the third quarter of 2022 compared to $34 million and $0.38, respectively, for the third quarter of 2021. UScellular also announced that it was reducing the Company's fiscal year 2022 outlook, such that the upper bounds for the ranges of fiscal 2022 guidance concerning service revenues, adjusted OIBDA, and adjusted EBITDA were lowered by $50 million, $75 million, and $75 million, respectively.

Following this news, UScellular's stock price fell more than 22%, declining from a closing price of $31.05 per share on November 3, 2022 to a close of $24.09 on November 4, 2022. To obtain additional information, go to:

https://zlk.com/pslra-1/uscellular-lawsuit-investigation-submission-form?wire=4

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

55 Broadway, Suite #427

New York, NY 10006

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

www.zlk.com

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SOURCE Levi & Korsinsky, LLP