Navigate this market better. Subscribe for FREE stock alerts and information.

Sunday, March 3, 2013

MetroPCS faces pressure to update SEC filings for T-Mobile deal, (NYSE: PCS)

MetroPCS Communications Inc is facing pressure from a major investor, demanding that merger documents for the pending deal between MetroPCS and the Deutsche Telekom AG's unit T-Mobile USA be updated to reflect the earnings of T-Mobile. P. Schoenfeld Asset Management LP, whose holdings represent about 2 percent of MetroPCS shares, told Reuters in a statement on Sunday that the firm hoped "the company will again do the right thing and incorporate the year-end results of both MetroPCS and T-Mobile that were released this past week in their updated proxy financials."Representatives for MetroPCS and T-Mobile were not immediately available for comment.Final merger documents were published by the Securities and Exchange Commission on Feb. 26, which raised eyebrows among the investor community just two days before Deutsche Telekom reported earnings results. Deutsche Telekom's operating profit in the fourth quarter fell 13 percent as the company faced head winds in its German mobile market and the rest of Europe.MetroPCS reported a 65 percent fall in quarterly net profit last week as revenue growth slowed for the eighth straight quarter.

MetroPCS Communications, Inc. provides wireless personal communication services. Shares of PCS traded higher by 0.1% or $0.01/share to $9.81. In the past year, the shares have traded as low as $5.53 and as high as $14.51. On average, 6610810 shares of PCS exchange hands on a given day and today's volume is recorded at 5031633.