NEW YORK, Oct. 8, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces the filing of a securities class action on behalf of
shareholders that purchased or acquired shares of Sonim
Technologies, Inc. ("Sonim" or the "Company") (NASDAQ: SONM) in
connection with the Company's initial public offering ("IPO") in
May 2019. The lawsuit filed in
the United States District Court
for the Northern District of California alleges violations of the
Securities Exchange Act of 1933.
If you purchased Sonim securities, and/or would like to
discuss your legal rights and options please visit Sonim
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company's business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: Specifically, Defendants failed to disclose to
investors: (1) that the Company's XP8 was experiencing material
software challenges; (2) that these software issues adversely
affected how the device's Qualcomm chipset, which supported Band 14
access, connected to AT&T's carrier network configuration; (3)
that the Company's XP5 and XP3 devices were experiencing material
software defects that adversely affected their optimization with
certain accessories; (4) that, as a result, the Company was
reasonably likely to delay the launch of new products; (5) that, as
a result of the foregoing, the Company's financial results would be
materially and adversely impacted; and (6) that, as a result of the
foregoing, Defendants' positive statements about the Company's
business, operations, and prospects, were materially misleading
and/or lacked a reasonable basis.
On September 10, 2019, Sonim
stated that it expected fiscal 2019 net revenues to be flat or
slightly below 2018 net revenues of $135.7
million, citing "significant delays" in the launch of new
products as well as software issues related to these new
introductions. Moreover, the Company disclosed that James Walker "will cease serving as the
Company's Chief Financial Officer."
On this news, the Company's share price fell $3.30, or nearly 47%, to close at $3.76 per share on September 10, 2019, thereby injuring
investors.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 6, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
If you purchased Sonim securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/sonimtechnologiesinc-sonm-shareholder-class-action-lawsuit-stock-fraud-199/apply/or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP