NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased the securities of Telephone and Data Systems, Inc. ("Telephone and Data Systems" or the "Company") TDS TDS-PV, TDS-PU))) between May 6, 2022 and November 3, 2022, both dates inclusive (the "Class Period").

According to the complaint, United States Cellular ("USCellular") operates as a majority-owned subsidiary of Telephone and Data Systems. Throughout the Class Period, USCellular battled a systematic loss of "postpaid" customers. In response, Defendants touted USCellular's purported ability to address postpaid customer "churn" and attrition via tailored promotions and purported expense discipline. Notwithstanding, USCellular's churn rate continued to worsen and the Company's promotional activity decimated its profitability.

On November 4, 2022, Defendants reported operating results for the third quarter of 2022. Defendants' corrective disclosures revealed that not only was USCellular's heavy promotional activity still failing to correct postpaid churn rate, but that the "offer structure" and its lack of "expense discipline" had, in fact, substantially eroded the Company's profitability.

On this news, the price of Telephone and Data Systems securities plummeted. Telephone and Data Systems' common stock price declined $4.29 per share (more than 25%), from a closing price of $16.57 per share on November 3, 2022, to a close of $12.28 on November 4, 2022.

Investors who purchased or otherwise acquired shares of Telephone and Data Systems should contact the Firm prior to the July 3, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.