Sonim Technologies, Inc. Securities Litigation

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Lawsuit Overview

Defendant:Sonim Technologies, Inc.
Date Filed:October 7th, 2019
Industry:Telecommunications Equipment
Class Start Date:May 13th, 2019
Class End Date:October 7th, 2019

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.

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First Identified Complaint

Ajay Malhotra, et al. v. Sonim Technologies, Inc., et al.

Date Filed:October 7th, 2019
Class Period Start:May 13th, 2019
Class Period End:October 7th, 2019
First Identified Complaint Filings
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