NEW YORK, NY / ACCESSWIRE / December 4, 2019 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces the filing of a securities class action on behalf of shareholders that purchased or acquired shares of Sonim Technologies, Inc. ("Sonim" or the "Company") (NASDAQ:SONM) in connection with the Company's initial public offering ("IPO") in May 2019. The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Act of 1933.
If you purchased Sonim securities, and/or would like to discuss your legal rights and options please visit Sonim Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint filed in this class action 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: 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.
On September 10, 2019, Sonim stated 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 James Walker "will cease serving as the Company's Chief Financial Officer."
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, thereby injuring investors.
If you wish to serve as lead plaintiff, you must move the Court no later than December 6, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Sonim securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/sonimtechnologiesinc-sonm-shareholder-class-action-lawsuit-stock-fraud-199/apply/or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE: Bernstein Liebhard LLP