NEW YORK, Apr. 17, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased securities of Sonus Networks, Inc. (“Sonus” or the “Company”) (Nasdaq: SONS ). The class period is between October 23, 2014 through March 23, 2015, inclusive (the “Class Period”).
Wolf Haldenstein encourages all shareholders who suffered losses on Sonus securities purchased within the Class Period to contact us immediately at (800) 575-0735 or email classmember@whafh.com .
On March 24, 2015, Sonus lowered revenue guidance for the first quarter of 2015 to a range of $47 million to $50 million compared to previous guidance of $74 million. Further, Sonus disclosed that the “Company no longer expects to receive certain orders this quarter that had been expected to be received at the back end of the first quarter.” These revelations contradicted Sonus's representations made just weeks earlier, on February 18, 2015, that it was “comfortable with the current consensus estimates for the first quarter of next year of $74 million in revenue” and “our first quarter is more backend loaded than the past few years but the revenue is also far more diversified. In short, we're not dependent upon a single large deal in the quarter. Instead, we have a number of good sized deals in our funnel that we expect to close over the next few week.”
As a result of this surprising March 24th disclosure, shares of Sonus common stock plummeted $4.46 per share or nearly 34%, to close at $8.70 per share on March 24, 2015.
If you purchased Sonus Networks securities during the Class Period, you may, no later than June 5, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to the “Sonus Investigation.”
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
