FOR IMMEDIATE RELEASE
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Sonus Networks, Inc. (“Sonus” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of Massachusetts by another law firm on behalf of purchasers of the common stock of Sonus Networks, Inc. (NASDAQ: SONS) between January 8, 2015 and March 24, 2015, inclusive (the “Class Period”).
The complaint alleges that Sonus and certain of its officers and directors (“Defendants”) made false and misleading statements and/or failed to disclose that there was no reasonable basis for Sonus’s first quarter 2015 revenue guidance.
On March 24, 2015, Sonus issued a press release announcing that the Company expected only $47 to $50 million in revenue in the first quarter 2015, far short of a previously projected $74 million. Sonus noted that it initiated a “Company-wide review of its cost structure” and would terminate a significant number of employees. With respect to the revenue shortfall, Sonus stated: “the Company no longer expects to receive certain orders this quarter that had been expected to be received at the back end of the first quarter.” The price of Sonus shares fell from $13.16 on March 23, 2015 to $8.70 on March 24, 2015.
After the end of the Class Period, on August 7, 2018, the SEC issued a press release and order charging Sonus (now Ribbon Communications Inc.), and certain officers with making material misstatements on January 8, 2015 and February 18, 2015 concerning Sonus’s first quarter 2015 revenue guidance and estimates. The SEC documents outlined Sonus’s inflation of projected revenue by including deals that were not expected to close during the quarter. The SEC Order mandated that the Company cease and desist from violations and imposed a fine on the Company and certain officers.
Cohen Milstein encourages all investors who purchased Sonus common stock between January 8, 2015 and March 24, 2015, inclusive, or former employees with information concerning this matter to contact the firm.
If you are a Sonus shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than January 7, 2019 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
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