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On March 25, 2011, The Honorable A. Joe Fish of the United States District Court for the Northern District of Texas dismissed a securities fraud class action brought on behalf of a putative class of MetroPCS Communications, Inc. shareholders. Lead Plaintiff alleged that, between February 26, 2009 and November 5, 2009, MetroPCS misled the market by intentionally failing to disclose that its quarterly subscriber additions would be negatively impacted by general market conditions, a new handset promotion that would attract disloyal customers, and increased competition from other wireless carriers. The Court held that the Company did not act with scienter (i.e. fraudulent intent) in addressing the market because, among other things, Lead Plaintiff’s allegations “depict commonplace non-fraudulent business practices.” The Court also held that Lead Plaintiff had not sufficiently alleged that any of the challenged statements were false or misleading when made. The Court did not grant Lead Plaintiff leave to amend his complaint.

MetroPCS is the fifth largest facilities-based wireless telecommunications provider in the United States serving over eight million subscribers. The Company offers wireless broadband personal communication services on a no long-term contract, flat rate, unlimited usage basis in selected major metropolitan areas in the United States.

The STB team consists of Bruce D. Angiolillo, Jonathan K. Youngwood, Craig S. Waldman, and Greg Szewczyk, with assistance from paralegal Elizabeth Pantaleon.