NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of Synacor, Inc. (“SYNC” or the “Company”) (NASDAQ:SYNC) breached their fiduciary duties to the Company and its shareholders. If you are a Synacor shareholder, you are encouraged to contact Scott+Scott for additional information.
Scott+Scott is investigating whether members of Synacor’s Board of Directors had knowledge that: (1) Synacor was unlikely to receive significant revenues from its contract with AT&T Inc. (“AT&T”) until 2018; and (2) as a result, the revenue forecasts issued by Synacor were materially false and misleading.
Synacor operates as a technology development, multiplatform services, and revenue partner for video, Internet, and communications providers, as well as device manufacturers, governments, and enterprises. On May 4, 2016, Synacor announced that it had secured a three-year contract to host web and mobile services for AT&T (the “AT&T Contract”).
On August 9, 2017, post-market, Synacor issued a press release announcing its financial results for the quarter ended June 30, 2017. The press release stated, in relevant part: ‘“The joint AT&T-Synacor team has made the strategic decision to prioritize portal engagement right now over monetization. . . . As a result, a significant portion of the revenue that we were expecting in Q3 and Q4 this year is delayed to 2018, and we are adjusting our financial guidance for 2017 accordingly.” On this news, Synacor’s share price fell $1.15, or 32.39%, to close at $2.40 on August 10, 2017.
What You Can Do
If you are a Synacor shareholder, you may have legal claims against the Company’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or at email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.