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. 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
SOURCE Johnson Fistel, LLP
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