Sonim Technologies, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Sonim Technologies, Inc. (“Sonim” or the “Company”) (NASDAQ: SONM) securities during the period from May 6, 2019 through October 7, 2019 (the “Class Period”). Investors have until December 6, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Sonim failed to disclose to investors that: (i) the Company’s XP8 was experiencing material software challenges that adversely affected how the device connected to AT&T’s carrier network configuration; (ii) the Company’s XP5 and XP3 devices were experiencing material software defects that adversely affected their optimization with certain accessories; (iii) as a result, the Company was reasonably likely to delay the launch of new products; and (iv) as a result of the foregoing, the Company’s financial results would be materially and adversely impacted.
On September 10, 2019, Sonim stated that it expected fiscal 2019 net revenues to be flat or slightly below 2018 net revenues of $135.7 million, citing “significant delays” in the launch of new products as well as software issues related to these new introductions.
On this news, shares of Sonim fell $3.30, or 46.7%, to close at $3.76 on September 10, 2019.
If you acquired Sonim securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.