LEAD PLAINTIFF DEADLINE IS DECEMBER 6, 2019
NEW YORK, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of
California on behalf of investors that purchased Sonim Technologies, Inc. (“Sonim”) (SONM) securities 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”).
Investors who purchased shares of Sonim Technologies, Inc. are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Sonim Technologies, Inc., you may, no later than December 6, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Sonim Technologies, Inc.
The filed complaint 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:
- that the company’s XP8 was experiencing material software challenges;
- 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;
- that the company’s XP5 and XP3 devices were experiencing material software defects that adversely affected their optimization with certain accessories;
- that, as a result, the company was reasonably likely to delay the launch of new products;
that, as a result of the foregoing, the company’s financial results would be materially and adversely impacted; and
- 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.
In May 2019, Sonim completed its initial public offering 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 $2.84 per share, a 74% decline from the May 2019 IPO price of $11.00 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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