NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ:SNCR) of the June 30, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Synchronoss stock or options between May 5, 2016 and April 27, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/SNCR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Synchronoss securities between May 5, 2016 and April 27, 2017 (the “Class Period”). The case, College v. SYNCHRONOSS TECHNOLOGIES, INC. et al, No. 17-cv-03005 was filed on May 2, 2017, and has been assigned to Judge Judge Lois H. Goodman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by providing misleading statements regarding its revenue guidance.
Specifically, pre-market on April 27, 2017, the Company announced that it “expects 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 “[o]perating margins are expected to be 8% to 10%, which are less than previously announced guidance.” In addition, Synchronoss announced that its Chief Executive Officer, Ronald Hovsepian, and Chief Financial Officer, John Frederick, would be leaving the Company “to pursue other interests.”
After the announcement, Synchronoss’ share price fell from $24.62 per share on April 26, 2017 to a closing price of $13.29 on April 27, 2017—a $11.33 or a 46% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Synchronoss’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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