NEW ORLEANS, April 20, 2018 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 4, 2018 to file lead plaintiff applications in a securities class action lawsuit against Synacor, Inc. (NasdaqGM:SYNC), if they purchased the Company’s securities between May 4, 2016 and March 15, 2018, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
Synacor investors should visit us at https://www.claimsfiler.com/cases/view-synacor-inc-securities-litigation or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Synacor and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 15, 2018, during an investor conference call to discuss Synacor’s 4Q financial results, CEO Himesh Bhise addressed difficulties with the Company’s contract with AT&T and the effect on earnings, stating “in the last three quarters of 2017, we generated approximately $25 million in revenue from AT&T…this forecast is below the $100 million annual revenue target that AT&T and Synacor announced when we first discussed the portal contract and was a critical element of Synacor’s $300 million 2019 target.”
On this news, the price of Synacor’s shares plummeted
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