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Synchronoss Technologies Inc (NASDAQ: SNCR) Investor Securities Class Action Lawsuit 09/05/2008

  • If you purchased shares of Synchronoss Technologies Inc (NASDAQ: SNCR), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Synchronoss Technologies Inc.
Security
NASDAQ: SNCR

Case Name
Synchronoss Technologies Shareholder Class Action Lawsuit 09/05/2008
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

August 9, 2010 - The court granted the stipulation of voluntary dismissal with prejudice.
August 4, 2010 - The parties filed a stipulation of voluntary dismissal with prejudice.

April 7, 2010 - The court granted defendants' motion to dismiss with leave to amend.

April 24, 2009 - Defendants filed a motion to dismiss.

March 13, 2009 - The lead plaintiffs filed an amended consolidated complaint.

December 30, 2008 - Lead plaintiffs and lead counsel were appointed and cases were consolidated.

December 5, 2008 - Another lead plaintiff motion was filed.

November 17, 2008 - Cases were consolidated.

November 7, 2008 - Lead plaintiff motions were filed.

September 5, 2008 - 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 against defendants Synchronoss Technologies Inc, its President, CEO and Chairman and its CFO and Treasurer.

According to the complaint defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during February 4, 2008 and June 9, 2008.

The complaint alleges that during February 4, 2008 and June 9, 2008, defendants made fraudulent material misrepresentations and omissions regarding Synchronoss Technologies Inc’s business and operations. Specifically, Synchronoss Technologies Inc materially misrepresented Synchronoss Technologies Inc’s financial condition and future prospects to Synchronoss Technologies Inc’s shareholders and the investing public.

Synchronoss Technologies Inc provides technology to AT&T Inc that allows AT&T Inc, as the exclusive United States service provider of the Apple iPhone, to “lock” Apple iPhones distributed to AT&T Inc’s wireless phone customers. The complaint alleges that during February 4, 2008 and June 9, 2008, defendants failed to disclose to investors numerous warning signs that the unlocking of iPhones jeopardized Synchronoss Technologies Inc’s iPhone contract with AT&T Inc.

While Apple iPhones were extensively being unlocked for use with other wireless carriers, Synchronoss Technologies Inc continued to maintain that its future prospects for growth were positive. However, on June 9, 2008, AT&T Inc announced Synchronoss Technologies Inc would not be activating the iPhone 3G, which was released in July of 2008. Rather, the iPhone 3G is activated in-store, effectively removing Synchronoss Technologies Inc from the transaction altogether. On this news, Synchronoss Technologies Inc stock fell from $13.31 to $11.03, a 17.1% decline.

Synchronoss Technologies Inc is a provider of on-demand multi-channel transaction software management platforms that enable communications service providers to automate new subscriber activation, order management and service provisioning.