J&W Reminds Investors of Deadline in Suit Filed against Synchronoss Technologies, Inc.; Should Officers and Directors be Responsible for the Alleged Harm?
SAN DIEGO— PRNewswire—June 22, 2017
Johnson & Weaver, LLP reminds investors that a class action case was filed against Synchronoss Technologies, Inc. (NASDAQ: SNCR) (“Synchronoss”) for purchasers of the stock between December 6, 2016 and April 26, 2017, inclusive (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) 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 June 23, 2017, Synchronoss made known that it had received a takeover offer from private equity firm Siris Capital Group, LLC. In a recent SEC filing, Siris disclosed a 12.93%, or 5,994,667 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending March 31, 2017.
If you purchased shares during the Class Period and suffered a loss in Synchronoss, you have until June 30, 2017, to request that the Court appoint you as lead plaintiff.
Additionally, if you have held Synchronoss shares continuously since at least December 6, 2016, you may have standing to hold the Company harmless from the damage the officers or directors are alleged to have caused the Company. 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 your legal rights and remedies or becoming a lead plaintiff in this case, please contact analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, 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.