BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Synacor, Inc. (“Synacor” or the “Company”) (NASDAQ: SYNC) securities between May 4, 2016 through March 15, 2018, inclusive (the “Class Period”). Synacor investors have until June 4, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Synacor investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
The complaint filed in this class action alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Synacor was unlikely to receive significant revenues from its contract with AT&T Inc. until 2018; and (2) as a result, Synacor’s revenue forecasts issued during the Class Period were materially false and misleading.
On August 9, 2017, Synacor issued a press release announcing its Q2 2017 results. Therein, Synacor disclosed that a significant portion of the revenue it expected in Q3 and Q4 of 2017 was delayed to 2018. The delay was purportedly due to a “strategic decision” by the joint AT&T-Synacor team to “prioritize portal engagement” over monetization, which would cause a “longer ramp to full monetization.” On this news, Synacor’s share price fell $1.15, or 32.4%, to close at $2.40 on August 10, 2017, thereby injuring investors.
Then, on March 15, 2018, Synacor held a conference call to discuss its Q4 2017 results. On the call, Himesh Bhise, the Company’s CEO, further elaborated on problems with the Company’s AT&T contract. On this news, Synacor’s share price fell $0.30, or 14.63%, to close at $1.75 on March 16, 2018, thereby further injuring investors.
If you purchased shares of Synacor during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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