NEW YORK, May 10, 2023 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against DISH Network Corporation (“Dish” or the “Company”) (NASDAQ: DISH), and certain officers. The class action, filed in the United States District Court for the District of Colorado, and docketed under 23-cv-00734, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Dish securities between February 22, 2021 and February 27, 2023, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Dish securities during the Class Period, you have until May 22, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
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.
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/or misleading statements and/or 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; (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; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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 date 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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP