LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Sequans Communications S.A. (“Sequans” or the “Company”) (NYSE: SQNS) securities between April 29, 2016 through July 31, 2017, inclusive (the “Class Period”). Sequans investors have until October 10, 2017 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the Sequans page on our website at www.glancylaw.com/case/sequans-communications-sa.
On August 1, 2017, Sequans disclosed that the Company’s second quarter revenue was negatively affected after the Company had to take product back into their inventory from an early 2016 sale related to the tablet business.
On this news, Sequans stock dropped $0.67 per share, or over 18%, to close at $3.01 per share on August 1, 2017.
The complaint filed in this class action alleges that throughout the Class Period, Sequans made false and/or misleading statements and/or failed to disclose that: (1) Sequans was improperly recognizing revenue; and (2) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Sequans during the Class Period you may move the Court no later than October 10, 2017 to ask the Court to appoint you as lead plaintiff in this class action lawsuit. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action lawsuit. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at www.glancylaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.