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Sonus Networks Inc (NASDAQ: SONS) Investor Securities Class Action Lawsuit 04/06/2015

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Lawsuit Overview

Case Dismissed
Company
Sonus Networks, Inc.
Security
NASDAQ: SONS

Case Name
Sonus Networks Shareholder Class Action Lawsuit 04/06/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 6, 2017 - The court granted defendants' motion to dismiss.

June 20, 2016 - A motion to dismiss the amended consolidated complaint was filed.

May 4, 2016 - An amended consolidated complaint was filed.

April 6, 2015 - An investor in shares of Sonus Networks Inc (NASDAQ: SONS) filed a lawsuit in the U.S. District Court for the District of New Jersey against Sonus Networks Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 23, 2014 and March 24, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Sonus Networks Inc (NASDAQ: SONS) common shares between October 23, 2014 and March 24, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Sonus Networks Inc made allegedly false and/or misleading statements and/or allegedly failed to disclose that Sonus Networks Inc would be unable to close certain orders in the first quarter of 2015, and that Sonus Networks Inc was experiencing longer decision cycles from its customers. Sonus Networks Inc reported that its annual Total Revenue rose from $254.13 million in 2012 to $296.33 million in 2014 and that its respective Net Loss declined from $50.17 million to $16.86 million. Shares of Sonus Networks Inc (NASDAQ: SONS) declined to as low as $8.26 per share on March 25, 2015.

On March 24, 2015, Sonus Networks Inc announced that it is updating its previous guidance and initiated a company-wide cost reduction review. Sonus Networks Inc lowered its previously issued guidance. Sonus Networks Inc said that it expects revenue to be in the range of $47 million to $50 million and non-GAAP loss per share in the range of $0.29 to $0.34 for the first quarter ending March 27, 2015 as compared to previous guidance of $74 million in revenue and non-GAAP diluted earnings of $0.03 per share. Sonus Networks Inc said that it also expects its revenue for the full year will be up to 25% below the midpoint of its previous annual guidance of $326 million to $330 million.