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The Law Office of Jeffrey M. Haber Announces the Investigation of Synchronoss Technologies, Inc. and Certain of its Senior Executive Officers

  • Posted on: May 19 2017

Lead Plaintiff Motion Due No Later Than June 30, 2017

New York, N.Y.  – May 19, 2017 – The Law Office of Jeffrey M. Haber (the “Firm”) is investigating Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR) and certain of its senior executive officers (together, the “Defendants”) for violations of the federal securities laws. A class action lawsuit has been brought in the United States District Court for the District of New Jersey on behalf of all persons who purchased Synchronoss securities between May 5, 2016 and April 27, 2017, inclusive (the “Class Period”).

Founded in December 2000, Synchronoss is a publicly traded company located in Bridgewater, New Jersey. The Company provides cloud solutions and software-based activation for connected devices worldwide. Its stock trades on the NASDAQ under the symbol SNCR.

The 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 (i) Synchronoss would not be able to meet revenue guidance previously provided to investors; and (ii) as such, 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, the Company announced that it “expect[ed] total revenue for the first quarter of 2017 to be $13 million to $14 million less than the [C]ompany’s previously announced guidance” and “[o]perating margins … to be 8% to 10%,” “less than previously announced guidance.” “In view of the Company’s performance in the first quarter,” Synchronoss stated that it expected the results to “impact [its] 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.” Both the CEO and CFO had recently been hired by the Company – the CEO was hired in December 2016 and the CFO was hired in February 2017.

The market reacted harshly to these disclosures. Following the news, shares of Synchronoss’ stock declined $11.33 per share, or more than 46 percent, to close on April 27, 2017, at $13.29 per share, on heavy trading.

If you purchased or otherwise acquired Synchronoss securities during the Class Period, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, contact Jeffrey M. Haber, Esq. at (212) 209-1005, or info@jhaberlaw.com. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff.

If you want to move for appointment as lead plaintiff, you must do so by no later than June 30, 2017.

No class has been certified in the action. Until a class is certified, you are not considered represented by an attorney. You may retain the Firm, or other attorneys, as your counsel in the action, or you may also choose to do nothing and be an absent class member.

For Whistleblowers:

The Firm also encourages anyone, including former employees, shareholders and others, with non-public information regarding the Company’s Class Period conduct to contact the Firm about helping in the investigation or taking advantage of the SEC Whistleblower Program.  Under the SEC Whistleblower program, whistleblowers who provide original information may receive an award of up to 30% of any successful recovery made by the SEC.

About the Firm:

The Law Office of Jeffrey M. Haber represents investors in securities class action and shareholder derivative litigation. Mr. Haber, the principal of the firm, has extensive experience in the prosecution of complex, representative litigation. His reputation and experience in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed him to major positions in complex securities multi-district and consolidated litigation.

Additionally, the Firm represents corporations, small businesses, partnerships and individuals in a broad range of complex business and commercial litigation matters and violations of the securities laws. The firm combines the sophistication and counsel of a large national law firm with the economy, flexibility, commitment and personal attention of a small firm.

 

Contact:

Jeffrey M. Haber, Esq.
Law Office of Jeffrey M. Haber

708 3rd Avenue, 5th Floor
New York, NY 10017
Tel. 212.209.1005

Fax. 212.209.7101
info@jhaberlaw.com
www.jhaberlaw.com

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