NEW YORK, May 02, 2023 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of Telephone and Data Systems, Inc. (“TDS”) (NYSE: TDS, TDSPrU, and TDSPrV) between May 6, 2022 and November 3, 2022, inclusive. You are hereby notified that the class action lawsuit Howard M. Rensin, Trustee of The Rensin Joint Trust v. United States Cellular Corporation, et al (Case No. 1:23-cv-02764) has been commenced in the United States District Court for the Northern District of Illinois. To get more information go to:

https://zlk.com/pslra-1/tds-lawsuit-investigation-submission-form

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.

The complaint alleges, in part, that TDS and its subsidiary, United States Cellular Corporation (“UScellular”), made materially false and/or misleading statements and/or failed to disclose that: (i) Defendants had no reason to believe UScellular’s “free upgrade” promotional activity, which was tested and trialed during the second quarter of 2022, was effective at reducing the UScellular’s postpaid churn rate as they represented to investors, as opposed to merely adding new postpaid subscribers, when its churn rate was actually increasing or remaining constant over most quarters in the class period; (ii) UScellular was not making progress with respect to its churn rate, as it represented to investors; (iii) UScellular was not in fact balancing its promotional activity and its profitability; (iv) due to extreme competition among postpaid carriers, UScellular did not have the flexibility to offset the costs from widespread, expensive promotions with price increases; and (v) as a result of the Companies’ decision for UScellular to continue engaging in heavy promotions to address its postpaid subscriber churn rate despite any lack of positive impact on churn rate, UScellular’s profitability substantially declined.

If you suffered a loss in TDS securities, you have until July 3, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP  
Joseph E. Levi, Esq. 
Ed Korsinsky, Esq. 
55 Broadway, Suite #427 
New York, NY 10006 
jlevi@levikorsinsky.com
Tel: (212) 363-7500 
Fax: (212) 363-7171 
www.zlk.com