NEW YORK, NY / ACCESSWIRE / June 19, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased Synchronoss securities between December 6, 2016 through April 26, 2017, both dates inclusive (the “Class Period”). Such investors are advised to join this case by visiting the firm’s site: http://www.bgandg.com/sncr.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose that: (1) Synchronoss would not be able to meet revenue guidance provided to investors; (2) as a result, Synchronoss would need to revise its prior guidance; and (3) consequently defendants’ statements about Synchronoss’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On April 27, 2017, pre-market, Synchronoss revealed that both its Chief Executive Officer, Ronald Hovsepian, and Chief Financial Officer, John Frederick, would be stepping down and informed investors that both would “pursue other interests.” Synchronoss also said that it “”expects total revenue for the first quarter of 2017 to be $13 million to $14 million less than the company’s previously announced guidance” and that “[o]perating margins are expected to be 8% to 10%, which are less than previously announced guidance.” Following these announcements, Synchronoss stock has dropped as much as $12.10 per share, or 49.15%, during intraday trading on April 27, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: http://www.bgandg.com/sncr, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Synchronoss, you have until June 30, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC