A lawsuit was filed on behalf of investors in Synacor, Inc. (NASDAQ: SYNC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/17/2018 -- An investor in NASDAQ: SYNC shares filed a lawsuit against Synacor, Inc over alleged violations of Securities Laws.
Investors in shares of Synacor, Inc. (NASDAQ: SYNC) have certain options and for certain investors are short and strict deadlines running. Deadline: June 4, 2018. NASDAQ: SYNC investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On May 4, 2016, Synacor, Inc announced that it had secured a three-year contract to host web and mobile services for AT&T Inc.
On August 9, 2017, post-market, Synacor issued a press release entitled "Synacor Exceeds Second-Quarter 2017 Financial Guidance; Remains on Path to '3/30/300,'" announcing its financial results for the quarter ended June 30, 2017. The press release stated in relevant part: "[T]he joint AT&T-Synacor team has made the strategic decision to prioritize portal engagement right now over monetization. We are seeing the results of this focus in deeper engagement metrics. We are already generating revenue from this new consumer experience, but we expect that additional monetization tactics will be turned on at a more deliberate pace, which will result in a longer ramp to full monetization. As a result, a significant portion of the revenue that we were expecting in Q3 and Q4 this year is delayed to 2018, and we are adjusting our financial guidance for 2017 accordingly. We believe that this engagement-focused strategy ultimately leads to a stronger, more sustainable business," concluded Bhise.
On March 15, 2018, Synacor, Inc. announced its fourth quarter and full year 2017 financial results. On the same day, Synacor, Inc. held a conference call with analysts and investors to discuss the Company's fourth-quarter earnings. During the call, Himesh Bhisediscussed the shortcomings of the AT&T contract.
Shares of Synacor, Inc. (NASDAQ: SYNC) declined to as low as $1.45 per share on April 2, 2018.
The plaintiff claims that between May 4, 2016, and March 15, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Synacor, Inc was unlikely to receive significant revenues from the AT&T Contract until 2018, that as such, the Company's revenue forecasts issued between May 4, 2016, and March 15, 2018were materially false and misleading, and that as a result of the foregoing, Synacor, Inc shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
Those who purchased shares of Synacor, Inc. (NASDAQ: SYNC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego