Haeggquist & Eck, LLP is Investigating Claims Against Synacor, Inc.’s Directors and Officers for Breach of Fiduciary Duty
July 09 2018 - 9:00AM
Business Wire
Haeggquist & Eck, LLP, a leading shareholder rights
litigation firm, is investigating whether certain directors and
officers of Synacor, Inc. (“Synacor”) (NASDAQ: SYNC) breached their
fiduciary duties to Synacor and its shareholders. If you are a
Synacor shareholder, you are encouraged to contact Amber Eck at
Haeggquist & Eck for additional information.
Haeggquist & Eck is investigating whether members of
Synacor’s Board of Directors had knowledge that: (1) Synacor was
unlikely to receive significant revenues from its contract with
AT&T Inc. (“AT&T”) until 2018; and (2) as a result, the
revenue forecasts issued by Synacor were materially false and
misleading.
Synacor operates as a technology development, multiplatform
services, and revenue partner for video, Internet, and
communications providers, as well as device manufacturers,
governments, and enterprises. On May 4, 2016, Synacor announced
that it had secured a three-year contract to host web and mobile
services for AT&T.
On August 9, 2017, post-market, Synacor issued a press release
announcing its financial results for the quarter ended June 30,
2017. The press release stated, in relevant part: “The joint
AT&T-Synacor team has made the strategic decision to prioritize
portal engagement right now over monetization.... As a result, a
significant portion of the revenue that we were expecting in Q3 and
Q4 this year is delayed to 2018, and we are adjusting our financial
guidance for 2017 accordingly.” On this news, Synacor’s share price
fell $1.15, or 32.39%, to close at $2.40 on August 10, 2017.
What You Can Do
If you are a Synacor shareholder, you may have legal claims
against its directors and officers. If you wish to discuss this
investigation, or have questions about this notice or your legal
rights, please contact attorney Amber Eck at 619-342-8000 or e-mail
her at ambere@haelaw.com. There is no cost or obligation to
you.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20180709005149/en/
Haeggquist & Eck, LLPAmber Eck,
619-342-8000ambere@haelaw.com
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