Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Sonus Networks, Inc.
LOS ANGELES, Dec. 28, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the January 4, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Sonus Networks, Inc. (“Sonus” or the “Company”) securities between January 8, 2015 and March 24, 2015, inclusive (the “Class Period”). Sonus investors have until January 7, 2019 to file a lead plaintiff motion.
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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 shares of Sonus, you may move the Court no later than January 7, 2019 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 email@example.com, 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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