Cases
Ribbon Communications, Inc. (f/k/a Sonus Networks) (RBBN)
Securities Class Action
Overview
Overview
- Date:
- 11/12/2018
- Company Name:
- Ribbon Communications
- Stock Symbol:
- RBBN
- Class Period:
- FROM 1/8/2015 TO 3/24/2015
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Massachusetts
NEW YORK, November 12, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Ribbon Communications, Inc. f/k/a Sonus Networks, Inc. (NASDAQ: RBBN) securities between January 8, 2015 and March 24, 2015 (the “Class Period”). Investors have until January 7, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that defendants knew that the company would fall materially short of its $74 million revenue forecast. Defendants knew that the unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, a fact that senior sales personnel regularly communicated to defendants. Defendants also knew that a number of 2015 sales had been pulled forward to buoy sales numbers in Q4 2014, at management’s express direction, and that the backlog of sales expected to be recognized in early 2015 was significantly lower than usual. Upon disclosure of the company’s poor results, the company’s share price fell significantly in value-thereby injuring investors.
If you purchased Ribbon securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that defendants knew that the company would fall materially short of its $74 million revenue forecast. Defendants knew that the unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, a fact that senior sales personnel regularly communicated to defendants. Defendants also knew that a number of 2015 sales had been pulled forward to buoy sales numbers in Q4 2014, at management’s express direction, and that the backlog of sales expected to be recognized in early 2015 was significantly lower than usual. Upon disclosure of the company’s poor results, the company’s share price fell significantly in value-thereby injuring investors.
If you purchased Ribbon securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.