NEW YORK, Nov. 18, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Sonim Technologies, Inc. ("Sonim" or the "Company") (NASDAQ: SONM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Sonim and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In May 2019, Sonim conducted its initial public offering ("IPO"), selling approximately 4.07 million shares of common stock priced at $11.00 per share. Then, on September 10, 2019, Sonim stated 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, Sonim disclosed that James Walker "will cease serving as the Company's Chief Financial Officer."
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, on unusually heavy trading volume. Since the IPO, Sonim's stock price has closed as low as $2.83 per share, representing a decline of more than 74% from the IPO price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP