NEW YORK, June 23, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ:SNCR) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 17-cv-04147, is on behalf of a class consisting of investors who purchased or otherwise acquired Synchronoss securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Synchronoss securities between December 6, 2016 and April 26, 2017, both dates inclusive, you have until June 30, 2017 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. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Synchronoss provides mobile solutions for Service Providers and Enterprise through scalable software solutions and platforms. The Company purports to simplify the creation and management of customer and employee experiences associated with identity, cloud, messaging, applied analytics, and secure mobility.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Intralinks was underperforming; (ii) as such, the Company’s guidance was overstated; and (iii) as a result of the foregoing, Synchronoss’s public statements were materially false and misleading at all relevant times.
On April 27, 2017, the Company issued a press release entitled “Synchronoss Announces Management Changes; Company Issues Preliminary First Quarter 2017 Results.” Therein, the Company disclosed that it expected “total revenue for the first quarter of 2017 to be $13 million to $14 million less than the company’s previously announced guidance” and that it expected operating margins of 8% to 10% which was also less than previously announced guidance. The Company stated that it was “disappointed with [its] Q1 performance in this first quarter following our acquisition of Intralinks.” The Company further disclosed that its Chief Executive Officer (“CEO”), Ronald Hovsepian, and its Chief Financial Officer (“CFO”), John Frederick were leaving the Company.
On this news, the Company’s stock price fell $11.33 per share, or 46%, to close at $13.29 per share on April 27, 2017, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]