NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Sequans Communications S.A. (“Sequans” or the “Company”) (NYSE:SQNS) and certain of its officers. The class action, filed in United States District Court, Eastern District of New York, and docketed under 17-cv-04707, is on behalf of a class consisting of investors who purchased or otherwise acquired Sequans’ American Depositary Receipts (“ADRs”) securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Sequans ADRs securities between April 29, 2016, and July 31, 2017, both dates inclusive, you have until October 9, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Sequans Communications SA is a fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications. The Company's solutions incorporate baseband processor and radio frequency, or RF, transceiver integrated circuits, or ICs, along with its proprietary signal processing techniques, algorithms and software stacks.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was improperly recognizing revenue; and (ii) as a result of the foregoing, Sequans’ public statements were materially false and misleading at all relevant times.
On August 1, 2017, the Company issued a press release entitled “Sequans Communications Announces Second Quarter 2017 Financial Results,” announcing the financial results for the quarter ended June 30, 2017. Sequans reported revenue of $13.2 million, citing “a reduction of $740,000 related to a product return from an early 2016 tablet-related sale.”
On this news, Sequans’ ADR price fell $0.67, or 18.21%, to close at $3.01 on August 1, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com