NEW YORK, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Sonim Technologies, Inc. (NASDAQ: SONM) and Ruhnn Holding Limited (NASDAQ: RUHN). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Sonim Technologies, Inc. (NASDAQ: SONM)
Class Period: Securities purchased pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Sonim’s May 2019 initial public stock offering (the “IPO” or the “Offering”).
Lead Plaintiff Deadline: December 6, 2019
In May 2019, Sonim completed its initial public offering (“IPO”) in which it sold approximately 4.07 million shares at a price of $11.00 per share.
On September 10, 2019, Sonim disclosed 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. Moreover, the Company disclosed that its CFO James Walker was resigning.
On this news, the company’s share price fell $3.30, or nearly 47%, to close at $3.76 per share on September 10, 2019.
Currently, Sonim stock is trading at $2.87 per share, a 73% decline from the $11 per share IPO price.
The complaint, filed on October 7, 2019, alleges that defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the company’s XP8 was experiencing material software challenges; (2) that these software issues adversely affected how the device’s Qualcomm chipset, which supported Band 14 access, connected to AT&T’s carrier network configuration; (3) that the company’s XP5 and XP3 devices were experiencing material software defects that adversely affected their optimization with certain accessories; (4) that, as a result, the company was reasonably likely to delay the launch of new products; (5) that, as a result of the foregoing, the company’s financial results would be materially and adversely impacted; and (6) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on the Sonim class action go to: https://bespc.com/sonm.
Ruhnn Holding Limited (NASDAQ: RUHN)
Class Period: Securities purchased pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Ruhnn’s April 3, 2019 initial public stock offering (the “IPO” or the “Offering”).
Lead Plaintiff Deadline: December 6, 2019
The complaint, filed on September 8, 2019, alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) at the time of the IPO, the number of Ruhnn’s online stores had declined by nearly 40%; (2) at the time of the IPO, the number of Ruhnn’s full-service Key Opinion Leaders had declined by nearly 44%; (3) as a result, the Company’s net revenues derived from its full-service segment had declined by 46% on a sequential basis; and (3) as a result, defendants’ statements about Ruhnn’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Ruhnn’s stock is currently trading at $6.59 per share, an over 47% decrease from its $12.50 IPO price.
For more information on the Ruhnn class action go to: https://bespc.com/ruhn.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com