LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the June 30, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) securities between May 5, 2016, and April 27, 2017 inclusive (the “Class Period”). Synchronoss investors have until June 30, 2017 to file a lead plaintiff motion in this class action lawsuit. To obtain information or participate in the class action, please visit the Synchronoss page on our website at www.glancylaw.com/case/synchronoss-technologies-inc.
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, Ronald Hovsepian, and its Chief Financial Officer, 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 complaint filed in this lawsuit 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.
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If you purchased or otherwise acquired Synchronoss shares during the Class Period you may move the Court no later than June 30, 2017 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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