U.S. Markets open in 1 hr 58 mins

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Ruhnn Holding, Sonim Technologies, Vivint Solar, and ADTRAN and Encourages Investors to Contact the Firm

NEW YORK, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Ruhnn Holding Limited (RUHN), Sonim Technologies, Inc. (SONM), Vivint Solar, Inc. (VSLR), and ADTRAN,  Inc. (ADTN). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Ruhnn Holding Limited (RUHN)

Class Period: Securities purchased pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Ruhnn’s April 3, 2019 initial public stock offering (the “IPO” or the “Offering”).

Lead Plaintiff Deadline: December 6, 2019

The complaint, filed on September 8, 2019, alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40%; (2) at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (3) as a result, defendants’ statements about Ruhnn’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Ruhnn’s stock is currently trading at $6.59 per share, an over 47% decrease from its $12.50 IPO price.

For more information on the Ruhnn class action go to: https://bespc.com/ruhn

Sonim Technologies, Inc. (SONM)

Class Period: Securities purchased pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Sonim’s May 2019 initial public stock offering (the “IPO” or the “Offering”).

Lead Plaintiff Deadline: December 6, 2019

In May 2019, Sonim completed its initial public offering (“IPO”) in which it sold approximately 4.07 million shares at a price of $11.00 per share.

On September 10, 2019, Sonim disclosed 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 its CFO James Walker was resigning.

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.

Currently, Sonim stock is trading at $2.87 per share, a 73% decline from the $11 per share IPO price.

The complaint, filed on October 7, 2019, alleges that 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: (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.

For more information on the Sonim class action go to: https://bespc.com/sonm

Vivint Solar, Inc. (VSLR)

Class Period: March 5, 2019 and September 26, 2019

Lead Plaintiff Deadline: December 10, 2019

On September 27, 2019, Marcus Aurelius Value published a report alleging that “28 undisclosed lawsuits . . . specifically allege Vivint forged customer contracts or otherwise engaged in fraud or deception.”

On this news, the company’s share price fell $0.14 per share, or over 2%, to close at $6.55 per share on September 27, 2019.

The complaint, filed on October 11, 2019, 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: (1) that the company engaged in fraudulent practices, including forging customer contracts; (2) that, as a result, the company’s reported sales and megawatts installed were overstated; (3) that these practices were reasonably likely to lead to regulatory scrutiny: (4) that, as a result, the company’s earnings would be materially and adversely impacted; and (5) 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.

To learn more about the Vivint class action go to: https://bespc.com/vslr

ADTRAN, Inc. (ADTN)

Class Period: February 28, 2019 to October 9, 2019

Lead Plaintiff Deadline: December 16, 2019

On July 17, 2019, ADTRAN announced “preliminary” earnings for second quarter 2019 due to its ongoing assessment of its current and previously reported excess and obsolete inventory reserves (“E&O reserves”).

On this news, the company’s share price fell $3.69 per share, or over 23%, to close at $12.13 per share on July 18, 2019.

Then, on October 9, 2019, the company announced that its “revenue this quarter has been significantly impacted by a pause in shipments to a Tier 1 customer in Latin America and the continued slowdown in the spending at an international Tier 1 customer.”

On this news, the company’s share price fell $2.10 per share, or over 19%, to close at $8.81 per share on October 10, 2019.

The complaint, filed on October 17, 2019, 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 that: (1) there were material weaknesses in the company’s internal control over financial reporting; (2) as a result, certain E&O reserves had been improperly reported; (3) as a result, the company’s financial results for certain periods were misstated; (4) there would be a pause in shipments to the company’s Latin American customer; and (5) 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.

For more information on the ADTRAN class action go to: https://bespc.com/adtn

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com