Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Ribbon Communications (f/k/a Sonus Networks) (RBBN) and Encourages RBBN Investors to Contact the Firm
NEW YORK, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Ribbon Communications, Inc. f/k/a Sonus Networks, Inc. (NASDAQ: RBBN) securities between January 8, 2015 and March 24, 2015 (the “Class Period”). Investors have until January 7, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint 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. Upon disclosure of the company’s poor results, the company’s share price fell significantly in value-thereby injuring investors.
If you purchased Ribbon securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Ribbon lawsuit, please go to https://bespc.com/rbbn/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.