RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of all persons or entities that purchased Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) securities between May 5, 2016 and April 27, 2017, inclusive (the “Class Period”).
Synchronoss shareholders may, no later than June 30, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Synchronoss and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com/case/sncr.
Synchronoss provides cloud solutions and software-based activation for connected devices worldwide.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that Synchronoss and certain of its senior executive officers made a series of materially false and misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations and prospects to investors during the Class Period. Specifically, the defendants are alleged to have misrepresented and/or failed to disclose that (i) Synchronoss would not be able to meet revenue guidance provided to investors and (ii) as such, Synchronoss would need to revise its prior guidance. As a result of the foregoing, the defendants’ Class Period statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On April 27, 2017, Synchronoss reported preliminary First Quarter Fiscal 2017 financial guidance and disclosed that, “[i]n view of the Company’s performance in the first quarter, we expect that this will impact our full year guidance.” The Company also disclosed that its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) would each be “leaving to pursue other interests.” Following this news, shares of Synchronoss’ stock declined $11.33 per share, or over 46 percent, to close on April 27, 2017 at $13.29 per share.
If you are a member of the class, you may, no later than June 30, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.