New York-based Milberg Weiss Bershad Hynes & Lerach filed the lawsuit Friday on behalf of Florence Foster, an investor, in U.S. District Court, Tampa.
The action follows the company's disclosure March 17 it is revising previously released financials in light of a regulatory review by the Securities and Exchange Commission.
SEC officials found apparent inconsistencies in the accounting methods applied to the company's $26 million acquisition of the North American antenna site business from Motorola Corp
.Officials at Pinnacle Holdings did not respond to a request from GlobeSt.com for comment.
In the March 17 filing, the company announced it terminated an independent auditing contract with PricewaterhouseCoopers and hired Ernst & Young as the replacement. The company also disclosed its chief financial officer, Jeffrey J. Card, had resigned.
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