RIBBON COMMUNICATIONS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.)
Lead Plaintiff Deadline is January 7, 2019
NEW YORK, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action class action lawsuit has been filed in the United States District Court for the District of Massachusetts against that a class action lawsuit has been filed against Ribbon Communications, Inc. (f/k/a Sonus Networks, Inc.) (“Ribbon” or the “Company”) (NASDAQ: RBBN) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ribbon securities between January 8, 2015 through March 24, 2015, inclusive (the “Class Period”).
Investors who have incurred losses in the shares of Ribbon Communications, Inc. are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Ribbon Communications, Inc., you may, no later than January 7, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Ribbon Communications, Inc.
The filed Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that:
-- Sonus would fall materially short of its $74 million revenue forecast; -- defendants knew that unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, a fact that senior sales personnel regularly communicated to defendants; -- a number of 2015 sales had been “pulled forward” to buoy sales numbers in Q4 2014, at management’s direction; -- the “backlog” of sales expected to be recognized in early 2015 was significantly lower than usual; and -- as a result, defendants’ public statements were materially false and misleading at all relevant times.
On March 24, 2015, Ribbon disclosed dismal results for the first quarter of 2015, including revenue of only $47-$50 million, approximately $24-$30 million lower than expected, and a $0.29-$0.34 loss in non-GAAP earnings-per-share, lower than the $0.03 gain forecasted.
On this news, the price of Ribbon’s shares plummeted $4.46 per share, from $13.16 to $8.70 per share, a loss of over 33%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org Tel: (800) 575-0735 or (212) 545-4774
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