SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of Synacor, Inc. (“Synacor”) (NASDAQ: SYNC) breached their fiduciary duties to Synacor and its shareholders. If you are a Synacor shareholder, you are encouraged to contact Amber Eck at Haeggquist & Eck for additional information.
Haeggquist & Eck 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.
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 its directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Amber Eck at 619-342-8000 or e-mail her at email@example.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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