November 12, 2020 - The Court of Appeals affirmed the case dismissal.

December 16, 2019 - A notice appealing the dismissal was filed.

November 15, 2019 - The court denied the plaintiff's motion to amend the complaint.

October 2, 2019 - A letter motion for leave to file a third amended complaint was filed.

August 28, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

December 17, 2018 - A motion to dismiss the second amended complaint was filed.

November 2, 2018 - A second amended complaint was filed.

July 27, 2018 - An amended complaint was filed.

April 4, 2018 - An investor in shares of Synacor, Inc. (NASDAQ: SYNC) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Synacor, Inc. in connection with certain allegedly false and misleading statements made between May 4, 2016, and March 15, 2018.

Buffalo, NY based Synacor, Inc. operates as a technology development, multiplatform services, and revenue partner for video, Internet, and communications providers; and device manufacturers, governments, and enterprises. On May 4, 2016, Synacor, Inc announced that it had secured a three-year contract to host web and mobile services for AT&T Inc.
On August 9, 2017, post-market, Synacor issued a press release entitled “Synacor Exceeds Second-Quarter 2017 Financial Guidance; Remains on Path to ‘3/30/300,’” announcing its financial results for the quarter ended June 30, 2017. The press release stated in relevant part: “[T]he joint AT&T-Synacor team has made the strategic decision to prioritize portal engagement right now over monetization. We are seeing the results of this focus in deeper engagement metrics. We are already generating revenue from this new consumer experience, but we expect that additional monetization tactics will be turned on at a more deliberate pace, which will result in a longer ramp to full monetization. As a result, a significant portion of the revenue that we were expecting in Q3 and Q4 this year is delayed to 2018, and we are adjusting our financial guidance for 2017 accordingly. We believe that this engagement-focused strategy ultimately leads to a stronger, more sustainable business,” concluded Bhise.

On March 15, 2018, Synacor, Inc. announced its fourth quarter and full year 2017 financial reuls. Synacor, Inc. reported that its annual Total Revenue rose from $127.37 million in 2016 to $140.02 million in 2017.

On the same day, Synacor, Inc. held a conference call with analysts and investors to discuss the Company’s fourth-quarter earnings. During the call, Himesh Bhisediscussed the shortcomings of the AT&T contract.

Shares of Synacor, Inc. (NASDAQ: SYNC) declined to as low as $1.45 per share on April 2, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Synacor, Inc. (NASDAQ: SYNC) common shares between May 4, 2016, and March 15, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 4, 2016, and March 15, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Synacor, Inc was unlikely to receive significant revenues from the AT&T Contract until 2018, that as such, the Company’s revenue forecasts issued between May 4, 2016, and March 15, 2018were materially false and misleading, and that as a result of the foregoing, Synacor, Inc shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On April 4, 2018, NASDAQ: SYNC shares closed at $1.55 per share.