BOCA RATON, FL --(Marketwired - June 15, 2017) - Saxena White P.A . has filed a securities fraud class action lawsuit in the United States District Court for the District of New Jersey against Synchronoss Technologies, Inc. ("Synchronoss" or the "Company") (
Synchronoss provides mobility solutions for service providers and enterprises on the cloud platform and software-based applications for connected devices. Until recently, the Company's activation unit accounted for a significant portion of its revenues and profits. The Company is incorporated in Delaware and maintains its principal executive offices in Bridgewater, New Jersey.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Synchronoss' activation business was sold to an existing vendor, i.e. , Sequential, that had previously been owned by several members of Synchronoss' senior management, including Defendant Waldis; (2) Sequential is owned by Omniglobe, 50% of which is owned by friends and family of Synchronoss; (3) the Chairman and current owner of Sequential is a related party with multiple ties to Synchronoss and Defendant Waldis; (4) Synchronoss and Sequential had a prior and existing relationship; (5) Synchronoss and Sequential entered into a $9.2 million license agreement for the sole purpose of artificially inflating Synchronoss' financials; (6) since 2015, the Company's cloud computing business was struggling, forcing Synchronoss to acquire Intralinks and misrepresent future growth metrics; and (7) as a result of the foregoing, Defendants' statements about Synchronoss' business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com .
If you purchased Synchronoss stock between October 28, 2015 and April 26, 2017, you may contact Lester Hooker ( lhooker@saxenawhite.com ) at Saxena White P.A. to discuss your rights and interests.
If you purchased Synchronoss common stock during the Class Period of October 28, 2015 and April 26, 2017 and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than June 30, 2017. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
Lester R. Hooker, Esq. lhooker@saxenawhite.com Saxena White P.A. 5200 Town Center Circle, Suite 601 Boca Raton, FL 33486 Tel: (561) 206-6708 Fax: (866) 290-1291 www.saxenawhite.com
