Synchronoss Technologies, Inc. Securities Fraud Class Action
Case Background:
Synchronoss provides cloud solutions and software-based activation for connected devices worldwide.
The complaint alleges that Synchronoss and certain of its senior executive officers made a series of materially false and misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations and prospects to investors during the Class Period. Specifically, the defendants are alleged to have misrepresented and/or failed to disclose that (i) Synchronoss would not be able to meet revenue guidance provided to investors and (ii) as such, Synchronoss would need to revise its prior guidance. As a result of the foregoing, the defendants’ Class Period statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
As detailed in the complaint, on April 27, 2017, Synchronoss reported preliminary First Quarter Fiscal 2017 financial guidance and disclosed that, “[i]n view of the Company’s performance in the first quarter, we expect that this will impact our full year guidance.” The Company also disclosed that its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) would each be “leaving to pursue other interests.” Following this news, shares of Synchronoss’ stock declined $11.33 per share, or over 46 percent, to close on April 27, 2017 at $13.29 per share.
If you are a member of the class described above, you may no later than June 30, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will will adequatley represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at [email protected]. If you would like additional information about the suit, please click on the link “Submit Your Information” above and fill out the form as promptly as possible.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.