According to the Complaint, Sonim provides ultra-rugged mobile phones and accessories for task workers who are physically engaged in their work environments. The Company's phones and accessories connect workers with voice, data and workflow applications in two end markets: industrial enterprise and public sector.
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.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company's XP8 was experiencing material software challenges; (2) that these software issues adversely affected how the device's Qualcomm chipset, which supported Band 14 access, connected to AT&T's carrier network configuration; (3) that the Company's XP5 and XP3 devices were experiencing material software defects that adversely affected their optimization with certain accessories; (4) that, as a result, the Company was reasonably likely to delay the launch of new products; (5) that, as a result of the foregoing, the Company's financial results would be materially and adversely impacted; and (6) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Sonim Technologies, Inc. Securities Litigation
Oct 10, 2019 |
Sonim Technologies, Inc. NASDAQ: SONM |
Case Status: Settled
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Lawsuit Overview
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Reference Complaint
David Sterrett, et al. v. Sonim Technologies, Inc., et al.
Reference Complaint Filings
# | Document Title | Filing Date |
---|---|---|
1 | Amended Class Action Complaint | February 24th, 2020 |
2 | Order Deeming Defendants' Motion to Dismiss Withdrawn without Prejudice | August 6th, 2020 |
3 | Stipulation of Settlement | September 11th, 2020 |
4 | Notice of Pendency and Proposed Settlement of Class Action | September 11th, 2020 |
5 | U.S. District Court Civil Docket | September 17th, 2020 |
6 | Civil Minutes | October 30th, 2020 |
7 | Order Preliminarily Approving Settlement and Providing for Notice | November 6th, 2020 |
8 | U.S. District Court Civil Docket | November 13th, 2020 |
First Identified Complaint
Ajay Malhotra, et al. v. Sonim Technologies, Inc., et al.
First Identified Complaint Filings
# | Document Title | Filing Date |
---|---|---|
1 | Class Action Complaint for Violations of the Federal Securities Laws | October 7th, 2019 |
2 | U.S. District Court Civil Docket | January 30th, 2020 |
3 | Order Granting David Sterrett's Motion for Appointment as Lead Plaintiff; Denying Motions Filed by Lyndon Maither and by Ajay Malhotra/Andre Ling Bin Zulkifli | January 30th, 2020 |