LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of SuperCom Ltd. (“SuperCom” or the “Company”) (NASDAQ: SPCB) who purchased shares between June 1, 2015 and November 27, 2015, inclusive (the “Class Period”) and have been damaged by the recent declines in the Company’s stock price. SuperCom investors have until February 8, 2016 to file a lead plaintiff motion.
On November 30, 2015, SuperCom revealed preliminary third quarter 2015 revenues of $5.5-$6.1 million. These results represent figures much lower than both SuperCom’s own revenue goals, and analysts’ expectations of $13.38 million. Additionally, SuperCom diminished its fiscal 2015 revenue and earnings guidance. Upon this news, shares of SuperCom dropped from a close of $7.70 per share on November 27, 2015, to a close of $4.60 per share on November 30, 2015.
The filed complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (a) SuperCom was having difficulty closing certain sales with certain governments and the revenue associated with those deals would be substantially delayed; (b) SuperCom’s “pipeline” was neither strong nor “broadening” contrary to the Company’s representations; and (c) as a result of the foregoing, the Company was not on track to achieve the financial results Defendants had led the market to expect during the Class Period.
If you purchased SuperCom securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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