Sonim Technologies, Inc.
|Company Name||Sonim Technologies, Inc.|
|Lead Plaintiff Motion Deadline||December 06, 2019|
In May 2019, the Company completed its initial public offering (“IPO”) in which it sold approximately 4.07 million shares of common stock at a price of $11.00 per share.
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, the Company 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, thereby injuring investors.
By the commencement of this action, Sonim stock was trading as low as $3.39 per share, a nearly 70% decline from the $11 per share IPO price.
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