LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Synacor, Inc. (“Synacor” or the “Company”) (NASDAQ: SYNC) 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.
To obtain information or actively participate in the class action, please visit Synacor page on our website at www.glancylaw.com/case/synacor-inc. Investors that suffered losses on their Synacor investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
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.
The complaint filed in this class action alleges that defendants made materially false and/or misleading statements and 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.
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If you purchased shares of Synacor during the Class Period you may move the Court no later than June 4, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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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