NEW YORK, May 11, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of all persons or entities that purchased Synchronoss Technologies, Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR) securities between May 5, 2016 and April 27, 2017, inclusive (the "Class Period").
Investors who have incurred losses in shares of Synchronoss Technologies, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you suffered a loss in Synchronoss Technologies, Inc. shares and would like to assist with the litigation process as a lead plaintiff, you may, no later than June 30, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed 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:
- Synchronoss would not be able to meet revenue guidance provided to investors; and
- 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.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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