DENVER--(BUSINESS WIRE)--The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (OTC: SNCR). Synchronoss primarily provides cloud solutions and software-based activation for connected devices worldwide.
The Firm’s investigation relates to the Company’s announced restatement of financial statements for as far back as 2013. The Company recently filed its Annual Report on Form 10-K for 2017. This filing included a breakdown of the Company’s restated financial results which in aggregate reduced Synchronoss’ revenue by $190 million – or 8% – over this five year period. Synchronoss cited failures in internal controls over revenue recognition processes for causing the restatement. The Company’s stock price has fallen dramatically over the past two years from more than $49 per share in November of 2016 to trading at approximately $4 today. This corresponds to a drop in market capitalization of more than 90% - or from approximately $2 billion to less than $170 million at present.
If you currently own Synchronoss common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.