NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Sonim Technologies, Inc. (“Sonim” or the “Company”) (NASDAQ: SONM). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Sonim and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 10, 2019, Sonim issued updated financial guidance for fiscal year 2019, advising investors that “[n]et revenues are expected to be flat or slightly below 2018 net revenues of $135.7 million reported in fiscal 2018,” “GAAP net loss . . . is expected to be up to $15 million,” and “[a]djusted EBITDA . . . is expected to be a loss of up to $5 million.” Sonim cited “changes in U.S. wireless carrier forecasts for the launch of Sonim’s new products as well as launch delays due to software issues related to these new introductions” as factors contributing to the Company’s revised financial outlook.
On this news, Sonim’s stock price fell $3.30 per share, or 46.74%, to close at $3.76 per share on September 10, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby