Lawsuit Overview
May 29, 2020 - The court granted in part and denied in part the defendants' motion to dismiss.
October 4, 2019 - A motion to dismiss the second amended complaint was filed.
August 14, 2019 - A second amended complaint was filed.
June 28, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
November 6, 2018 - A motion to dismiss the amended consolidated complaint was filed.
February 2, 2018 - A motion to dismiss the amended consolidated complaint was filed.
August 24, 2018 - An amended consolidated complaint was filed.
November 21, 2017 - An amended complaint was filed.
May 1, 2017 - An investor in shares of Synchronoss Technologies Inc (NASDAQ: SNCR) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Synchronoss Technologies Inc in connection with certain allegedly false and misleading statements made between December 6, 2016 and April 26, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Synchronoss Technologies Inc (NASDAQ: SNCR) common shares between December 6, 2016 and April 26, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 6, 2016 and April 26, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Synchronoss Technologies Inc would not be able to meet revenue guidance provided to investors, that as such, Synchronoss Technologies Inc would need to revise its prior guidance, and that as a result, defendants’ statements about Synchronoss Technologies Inc’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Bridgewater, NJ based Synchronoss Technologies Inc is a global software and services company, which provides technologies and services for the mobile transformation of business.
Synchronoss Technologies Inc reported that its annual Total Revenue rose from $428.12 million in 2015 to $476.75 million in 2016 and that its Net Income fell from $40.63 million in 2015 to $19.59 million in 2016.
Shares of Synchronoss Technologies Inc (NASDAQ: SNCR) reached $49.18 per share in November 2016.
On April 27, 2017, Synchronoss Technologies Inc announced that company founder and Chairman of the Board of Directors Stephen Waldis will return to the role of Chief Executive Officer, effective immediately. Synchronoss Technologies Inc also announced that Lawrence Irving has been named Chief Financial Officer and that John Frederick, who served as Chief Financial Officer prior to Mr. Irving’s appointment, will be leaving to pursue other interests. Furthermore, Synchronoss Technologies Inc also downgraded its revenue guidance by $13 to $14 million and its operating margins by up to 10% for the first quarter of 2017.
Shares of Synchronoss Technologies Inc (NASDAQ: SNCR) declined to 11.15 per share on April 27, 2017.