Robbins Arroyo LLP: Ribbon Communications, Inc. (RBBN) Misled Shareholders According to Class Action
SAN DIEGO, Calif. & WESTFORD, Mass.--(BUSINESS WIRE)--Nov 14, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Ribbon Communications, Inc. (NasdaqGS: RBBN) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between January 8, 2015 and March 24, 2015. Ribbon Communications provides networked solutions in the United States and internationally and is formerly known as Sonus Networks, Inc. (“Sonus”).
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/ribbon-communications-inc/
Ribbon Communications Accused of Projecting Unrealistic Revenue Goals
According to the complaint, Sonus officials were aware that the company would not meet its projected $74 million revenue forecast for Q1 2015, but nonetheless reaffirmed these figures on multiple occasions. On March 24, 2015, Sonus revealed dismal Q1 2015 results, missing its forecast by $24 million and taking in only $50 million in revenue. On this news, Sonus’ stock plummeted over 33% to close at $8.70 per share on March 24, 2015. Over three and a half years later, Ribbon Communications’ stock trades even lower, closing at only $6.63 per share on November 12, 2018. Just three months ago, it was reported that the SEC had charged Ribbon, Chief Financial Officer Mark Greenquist, and Vice President of Worldwide Sales and Marketing Michael Swade for making misstatements about Sonus’ quarterly revenue estimates and guidance for Q1 2015. The parties agreed to pay $1.97 million in civil penalties to settle the charges.
Ribbon Communications Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005896/en/
CONTACT: Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 11/14/2018 04:06 PM/DISC: 11/14/2018 04:05 PM