RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Synchronoss Technologies, Inc. (Nasdaq: SNCR) (“Synchronoss” or the “Company”) on behalf of purchasers of the Company’s securities between May 5, 2016 and April 27, 2017, inclusive (the “Class Period”).
Synchronoss shareholders who purchased securities during the Class Period may, no later than June 30, 2017, petition the Court to be appointed as a lead plaintiff representative of the class. Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne O. Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/synchronoss-technologies-inc#join.
Synchronoss provides cloud solutions and software-based activation for connected devices worldwide.
The complaint alleges that Synchronoss and certain of its senior executive officers made a series of materially false and misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations and prospects to investors during the Class Period. Specifically, the defendants are alleged to have misrepresented and/or failed to disclose that (i) Synchronoss would not be able to meet revenue guidance provided to investors and (ii) as such, Synchronoss would need to revise its prior guidance. As a result of the foregoing, the defendants’ Class Period statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
As detailed in the complaint, on April 27, 2017, Synchronoss reported preliminary First Quarter Fiscal 2017 financial guidance and disclosed that, “[i]n view of the Company’s performance in the first quarter, we expect that this will impact our full year guidance.” The Company also disclosed that its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) would each be “leaving to pursue other interests.” Following this news, shares of Synchronoss’ stock declined $11.33 per share, or over 46 percent, to close on April 27, 2017 at $13.29 per share.
Synchronoss shareholders may, no later than June 30, 2017, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/synchronoss-technologies-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.