WILMINGTON, Del., Jan. 22, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Ooma Inc. (NYSE:OOMA)?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint (the “Complaint”) has been filed in the Superior Court of the State of California on behalf of all persons or entities that purchased the common stock of Ooma Inc. (“Ooma” or the “Company”) (NYSE:OOMA) pursuant to the July 2015 initial public offering (“IPO”) of the Company’s stock.
The Complaint alleges that Ooma failed to disclose certain material information in the Registration Statement issued in connection with the IPO. Specifically, it is alleged that Ooma failed to disclose that certain large prior fiscal year sales to its largest outside reseller were not recurring; that the rate of customer terminations and failures to renew had increased significantly due to significant service outages in the Spring of 2015; and that technological issues in the Company’s lead generation business caused leads to get lost before they reached their intended targets.
As a consequence of these adverse factors, Ooma’s stock lost approximately half its value since the IPO, trading at approximately $6.50 per share, compared to its IPO price of $13 per share.
If you suffered a loss in Ooma and would like to obtain additional information, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail at info@rl-legal.com; or at http://rigrodskylong.com/investigations/ooma-inc-ooma/.
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