SAN DIEGO & SAN MATEO, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Sonim Technologies, Inc. (NASDAQ: SONM) violated federal securities law pursuant to its May 2019 initial public offering ("IPO"). Sonim completed its IPO on May 13, 2019, offering shares of common stock at $11.00 per share and raising $32.3 million in net proceeds. Sonim Technologies provides ruggedized mobile phones and accessories for task workers.
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Sonim Technologies, Inc. (SONM) Adjusts Fiscal 2019 Financial Outlook
On September 10, 2019, Sonim issued a press release announcing a need to update its financial guidance for fiscal year 2019 based on the Company's current expectations. According to Sonim, the Company's net revenues were expected "to be flat or slightly below 2018 net revenues," including a GAAP net loss of up to $15 million and an adjusted EBITDA loss of up to $5 million. Sonim cited its U.S. wireless carrier's lowered purchase forecasts for Sonim's new products as well as "launch delays due to software issues" for these new products as reasons for its financial outlook revisions. On this news, Sonim's share price fell $3.30, or over 46%, to close at $3.76. The stock currently trades at around $3.30, a staggering 70% decline from its IPO price.
Sonim Technologies, Inc. (SONM) Shareholders Have Legal Options
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