SAN FRANCISCO, June 09, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Synchronoss Technologies, Inc. (NASDAQ:SNCR) of the June 30, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of SNCR between May 5, 2016 and April 27, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/SNCR
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing SNCR@hbsslaw.com.
On December 6, 2016, SNCR announced it entered into an agreement to acquire Intralinks Holdings, Inc. and Intralinks CEO (Ron Hovsepian) was expected to be appointed CEO of SNCR. The Company stated: “Synchronoss is giving initial 2017 revenue guidance of between $810 and $820 million with pro forma EPS of between $2.45 and $2.60 for the combined entity.”
Shortly after the merger, on April 27, 2017, SNCR announced that CEO Hovsepian and newly appointed CFO John Frederick resigned effective immediately “to pursue other interests.” In addition, the Company disclosed it expected first quarter revenues to be $13 million to $14 million less than the previously announced guidance.
On this news, the price of SNCR shares fell approximately 46% on heavy volume.
On May 15, 2017, the Company announced that the new CEO and CFO required additional time to file its first quarter 2017 earnings and Form 10-Q. The next day, SNCR received notice from the Listing Qualifications Department of The NASDAQ Stock Market indicating that the Company was not in compliance with the relevant Nasdaq Listing Rule because it has not yet filed the Form 10-Q.
“We’re focused on the circumstances surrounding the executives’ abrupt resignations after such little time on the job, reasons for the Company’s expected disappointing financial performance, and whether there were accounting improprieties during prior periods,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding SNCR should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SNCR@hbsslaw.com.
About Hagens Berman
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