SAN DIEGO, Sept. 20, 2017 /PRNewswire/ -- Johnson
Fistel, LLP, a shareholder rights law firm, is investigating
potential claims on behalf of investors of Synchronoss
Technologies, Inc. (NASDAQ: SNCR) ("Synchronoss "). Synchronoss
provides cloud solutions and software-based activation for
connected devices worldwide.
Synchronoss faces a class action lawsuit filed on behalf of
shareholders who purchased stock between, December 6, 2016 and April
26, 2017 (the "Class Period"). The class action complaint
alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's
business, operational and compliance policies. Particularly,
Defendants made false and misleading statements and failed to
disclose that: (1) that the newly-acquired Intralinks was
underperforming; (2) as such, the Company's guidance was
overstated; and (3) as a result of the preceding, Synchronoss's
public statements were materially false and misleading at all
relevant times.
On April 27, 2017, Synchronoss
announced that its Chief Executive Officer and its Chief Financial
Officer were resigning their positions with the Company.
Simultaneously, Synchronoss lowered its 2017 guidance. Following
the news, the Company's stock price fell 46%, to close at
$13.29 per share on April 27, 2017.
Then, on September 19, 2017,
Synchronoss stock plunged over 41% in the wake of a would-be
buyer's decision to break off discussions of an all-cash
acquisition. Synchronoss had been exploring a range of
potential strategic options, including a sale of the company, but
major shareholder Siris Capital Group said that it's no longer
considering an all-cash buyout of Synchronoss. Following this news,
Synchronoss stock plummeted 41% to close at $9.82 on September 19,
2017.
Synchronoss hasn't filed quarterly reports since early this year
following the discovery of accounting issues.
If you are a long-term shareholder of Synchronoss,
continuously holding shares before December
6, 2016, you may have the standing to hold the Company
harmless from the damage the officers and directors caused by
making them personally responsible. You may also be able to assist
in reforming the Company's corporate governance to prevent future
wrongdoing.
If you are interested in learning more about the
investigation or your legal rights and remedies, please contact
Jim Baker (
jimb@johnsonfistel.com ) at 619-814-4471. If you email, please
include your phone number.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP