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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of July 20, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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May 20, 2020 - The court preliminarily approved the settlement.
May 7, 2020 - A stipulation of settlement was filed by the parties.
September 30, 2019 - The court granted in part and denied in part the defendants' motion to dismiss.
November 30, 2018 - A motion to dismiss the amended consolidated complaint was filed.
April 9, 2018 - An amended consolidated complaint was filed.
August 9, 2017 - An investor in shares of Sequans Communications SA ADR (NYSE: SQNS) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Sequans Communications SA in connection with certain allegedly false and misleading statements made between April 29, 2016 through July 31, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Sequans Communications SA ADR (NYSE: SQNS) common shares between April 29, 2016 through July 31, 2017, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between April 29, 2016 through July 31, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Sequans Communications SA was improperly recognizing revenue and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. France based Sequans Communications SA is a fabless designer, developer and supplier of fourth Generation long term evolution (4G LTE) semiconductor solutions for wireless broadband applications, with a specific focus on the single-mode device market. Sequans Communications SA reported that its annual Total Revenue rose from $32.53 million in 2015 to $45.58 million in 2016 and that its Net Loss declined from $27.40 million in 2015 to $24.79 million in 2016. Shares of Sequans Communications SA ADR (NYSE: SQNS) grew to as high as $4.56 per share in May 2017.
On August 1, 2017, Sequans Communications SA disclosed that their second quarter revenue was negatively affected after the Company had to take product back into their inventory from an early 2016 sale related to the tablet business.
Shares of Sequans Communications SA ADR (NYSE: SQNS) declined to as low as $2.55 per share on August 8, 2017.