Globe Newswire 11-Oct-2019 3:00 PM
NEW YORK, Oct. 11, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Sonim Technologies, Inc. ("Sonim" or the "Company") (NASDAQ:SONM) and certain of its officers, on behalf of shareholders who purchased Sonim 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"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/sonm.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The complaint alleges that the Registration Statement was false and/or misleading statements and/or failed to disclose that: (1) the Company's XP8 was experiencing material software challenges; (2) 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) the Company's XP5 and XP3 devices were experiencing material software defects that adversely affected their optimization with certain accessories; (4) as a result, the Company was reasonably likely to delay the launch of new products; (5) as a result of the foregoing, the Company's financial results would be materially and adversely impacted; and (6) as a result, defendants' statements about Sonim's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 10, 2019, Sonim issued updated financial guidance for fiscal year 2019, advising investors that "[n]et revenues are expected to be flat or slightly below 2018 net revenues of $135.7 million reported in fiscal 2018," "GAAP net loss . . . is expected to be up to $15 million," and "[a]djusted EBITDA . . . is expected to be a loss of up to $5 million." Sonim cited "changes in U.S. wireless carrier forecasts for the launch of Sonim's new products as well as launch delays due to software issues related to these new introductions" as factors contributing to the Company's revised financial outlook. On this news, Sonim's stock price fell $3.30 per share, or 46.74%, to close at $3.76 per share on September 10, 2019.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/sonm 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 Sonim you have until December 6, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. 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@example.com