NEW YORK, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sequans Communications S.A. (“Sequans” or the “Company”) (NYSE: SQNS ) of the October 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sequans stock or options between April 29, 2016 and July 31, 2017 and would like to discuss your legal rights, click here : www.faruqilaw.com/SQNS . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Sequans securities between April 29, 2016 and July 31, 2017 (the “Class Period”). The case, Renner v. Sequans Communications S.A. et al , No. 17-cv-04665 was filed on August 9, 2017, and has been assigned to Judge Frederic Block.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately recognize revenue misleadingly enhancing the Company’s financial results. Specifically, on August 1, 2017, Sequans revealed that its revenue in the second quarter of 2017 was negatively affected by a product return from an early 2016 tablet-product sale destined for Wal-Mart. After the announcement, Sequans’s share price fell from $3.68 per share on July 31, 2017 to a closing price of $2.87 on August 2, 2017—a $0.81 or a 22.01% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sequans’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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