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Sonim Technologies, Inc.

(NASDAQ GS: SONM)

Summary

Attention investors who purchased shares of Sonim Technologies, Inc. between {{period_start}} and May 2019 initial public offering:

Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Sonim Technolgies, Inc. ("Sonim") concerning whether Sonim and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts in connection with Sonim's May 2019 initial public offering (the "Class Period"), concerning Sonim's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of Sonim's stock throughout the Class Period.

Press Release

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Sonim Technologies, Inc. (“Sonim” or the “Company”) (NASDAQ GS: SONM) in connection with the Company’s May 2019 initial public offering (“IPO”), alleging violations of the Securities Exchange Act of 1933 against the Company, the sponsors of the IPO, and certain of the Company’s officers (the “Complaint”).

If you purchased shares of Sonim in connection with the IPO and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/.       

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  Specifically, the Complaint alleges that the defendants concealed from the investing public: (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.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, in May 2019, the Company completed its IPO in which it sold approximately 4.07 million shares of common stock at a price of $11.00 per share.

Then, 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, shares of Sonim fell over 46%, closing at $3.76 per share on September 10, 2019, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than December 6, 2019.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.

Attorney advertising.  Prior results do not guarantee a similar outcome.

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