| Company: | Synchronoss Technologies, Inc. |
| Ticker Symbol: | SNCR |
| Class Period: | Feb-4-08 to Jun-9-08 |
| Date Filed: | Sep-5-08 |
| Lead Plaintiff Deadline: | Nov-4-08 |
| Court: | District Court for the District of New Jersey |
| Allegations: | |
If you purchased or acquired Synchronoss securities from February 4, 2008 through June 9, 2008, you may move the court no later than November 7, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff.
According to the complaint, defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period. Synchronoss is a provider of on-demand multi-channel transaction software management platforms that enable communications service providers to automate new subscriber activation, order management and service provisioning.
The complaint alleges that during the Class Period, defendants made fraudulent material misrepresentations and omissions regarding Synchronoss's business and operations. Specifically, Synchronoss materially misrepresented the Company's financial condition and future prospects to the Company's shareholders and the investing public.
Synchronoss provides technology to AT&T, Inc. ("AT&T") that allows AT&T, as the exclusive United States service provider of the Apple iPhone, to "lock" Apple iPhones distributed to AT&T's wireless phone customers. The complaint alleges that during the Class Period, Defendants failed to disclose to investors numerous warning signs that the unlocking of iPhones jeopardized Synchronoss's iPhone contract with AT&T.
While Apple iPhones were extensively being unlocked for use with other wireless carriers, Synchronoss continued to maintain that its future prospects for growth were positive. However, on June 9, 2008, AT&T announced Synchronoss would not be activating the iPhone 3G, which was released in July of 2008. Rather, the iPhone 3G is activated in-store, effectively removing Synchronoss from the transaction altogether. On this news, Synchronoss stock fell from $13.31 to $11.03, a 17.1% decline.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
