AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Shareholder Alert: Robbins LLP Announces Sonim Technologies, Inc. (SONM) Sued for Misleading Shareholders

November 7, 2019

SAN DIEGO & SAN MATEO, Calif.--(BUSINESS WIRE)--Nov 6, 2019--

Shareholder rights law firm Robbins LLP announces that a purchaser of Sonim Technologies, Inc. (NASDAQ: SONM) has filed a class action complaint against the company for alleged violations of the Securities Act of 1933 pursuant to its May 2019 initial public offering (“IPO”). Sonim Technologies provides ruggedized mobile phones and accessories for task workers.

If you suffered a loss as a result of Sonim’s misconduct, click here.

Sonim Technologies, Inc. (SONM) Accused of Misleading Investors in IPO

According to the complaint, Sonim completed its IPO on May 13, 2019, offering 4.07 million shares of common stock at $11.00 per share and raising $37.5 million in proceeds. In its Registration Statements, Sonim acknowledged the importance of its XP5 and XP8 phones to its revenue growth. Then on September 10, 2019, Sonim issued a press release stating that it expected fiscal year 2019 net revenues to be flat or slightly below 2018 net revenues, including a GAAP net loss of up to $15 million and an adjusted EBITDA loss of up to $5 million. Sonim cited its U.S. wireless carrier’s lowered purchase forecasts for Sonim’s new phone products as well as “launch delays due to software issues” for these new products as reasons for its financial outlook revisions. On this news, Sonim’s share price fell $3.30, or over 46%, to close at $3.76. The stock currently trades at around $2.50, a staggering 77% decline from its IPO price.

Sonim Technologies, Inc. (SONM) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
LKandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191106006175/en/

CONTACT: Leonid Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

LKandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2019.

PUB: 11/06/2019 09:14 PM/DISC: 11/06/2019 09:14 PM

http://www.businesswire.com/news/home/20191106006175/en