LOS ANGELES--(BUSINESS WIRE)--Sixth paragraph, first sentence of the release dated May 2, 2017 should read: If you purchased shares of Synchronoss during the Class Period you may move the Court no later than June 30, 2017 to ask the Court to appoint you as lead plaintiff (instead of: If you purchased shares of Gigamon during the Class Period you may move the Court no later than June 30, 2017 to ask the Court to appoint you as lead plaintiff.)
The corrected release reads:
GLANCY PRONGAY & MURRAY LLP FILES SECURITIES CLASS ACTION LAWSUIT AGAINST SYNCHRONOSS TECHNOLOGIES, INC.
Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of a class (the “Class”) consisting of persons and entities that acquired Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) securities between May 5, 2016, and April 27, 2017 inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than June 30, 2017 to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at email@example.com to discuss this matter.
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,” and 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 filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the newly-acquired Intralinks was underperforming; (2) that the Company’s integration of other acquisitions was underperforming; (3) that the Company was facing serious hurdles integrating, and capitalizing on, its newly acquired companies; (4) that, as such, the Company’s guidance was overstated; and (5) that, as a result of the foregoing, Defendants’ statements about Synchronoss’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Synchronoss during the Class Period you may move the Court no later than June 30, 2017 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
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