Glancy Prongay & Murray LLP Files a Securities Class Action on Behalf of Sonus Networks, Inc. Investors
LOS ANGELES--(BUSINESS WIRE)--Nov 8, 2018--National law firm Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of Massachusetts, captioned Miller v. Sonus Networks, Inc. et. al., (docket number: 1:18-cv-12344 ) on behalf of persons and/or entities that acquired Sonus Networks, Inc. (“Sonus” or the “Company”) securities between January 8, 2015 and March 24, 2015, inclusive (the “Class Period”). Plaintiff pursues claims under the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its officers and/or directors and various persons who issued knowingly false statements during the Class Period.
Sonus investors are hereby notified that they have 60 daysfrom the date of this notice to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed in this class action alleges that Defendants knew that the Company would fall materially short of its $74 million revenue forecast. Defendants knew that the unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, a fact that senior sales personnel regularly communicated to Defendants. Defendants also knew that a number of 2015 sales had been “pulled forward” to buoy sales numbers in Q4 2014, at management’s express direction, and that the “backlog” of sales expected to be recognized in early 2015 was significantly lower than usual. And, upon disclosure of the Company’s poor results, the Company’s share price fell significantly in value-thereby injuring investors.
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If you purchased Sonus securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181108005994/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MASSACHUSETTS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/08/2018 04:23 PM/DISC: 11/08/2018 04:23 PM