Synchronoss Technologies Announces Settlement of Previously Disclosed Securities and Exchange Commission Matter
June 07 2022 - 9:35AM
Synchronoss Technologies, Inc.
(“Synchronoss” or the “Company”) (Nasdaq: SNCR), a
global leader and innovator in cloud, messaging and digital
products and platforms, today announced the successful resolution
of the legacy investigation by the U.S. Securities and Exchange
Commission (“SEC”) regarding the Company’s restatement of selected
financial data from 2013 to 2016. In 2018, the Company restated the
transactions at issue in that investigation. In connection with the
settlement, the Company neither admitted nor denied the SEC’s
allegations.
Under the terms of the settlement between Synchronoss and the
SEC, Synchronoss has agreed to pay a civil penalty in the amount of
$12.5 million in equal quarterly installments over two years. The
expense associated with this settlement has previously been accrued
in the Company’s financial statements.
“We are pleased to have entered into this settlement with the
SEC regarding this legacy matter and look forward to continuing to
place our focus on the Company’s strategic growth initiatives,”
said Jeff Miller, President and Chief Executive Officer of
Synchronoss.
“This matter relates to historical transactions that the Company
restated almost four years ago, and Synchronoss believes that
reaching this resolution now is the right outcome for our
shareholders, customers and key stakeholders.”
About SynchronossSynchronoss
Technologies, Inc. (Nasdaq: SNCR) builds software that empowers
companies around the world to connect with their subscribers in
trusted and meaningful ways. The company’s collection of products
helps streamline networks, simplify onboarding, and engage
subscribers to unleash new revenue streams, reduce costs and
increase speed to market. Hundreds of millions of subscribers trust
Synchronoss products to stay in sync with the people, services, and
content they love. That’s why more than 1,500 talented Synchronoss
employees worldwide strive each day to reimagine a world in sync.
Learn more at www.synchronoss.com.
Media Relations Contact:Domenick
CileaSpringboarddcilea@springboardpr.com
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Group, Inc.SNCR@gatewayir.com
Synchronoss Technologies (NASDAQ:SNCR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Synchronoss Technologies (NASDAQ:SNCR)
Historical Stock Chart
From Apr 2023 to Apr 2024