The Klein Law Firm announces that a class action complaint has been filed on behalf of investors who purchased shares of Sonus Networks, Inc. (“Sonus”) (NASDAQ: SONS) (as of October 30, 2017, now Ribbon Communications, Inc. and trading as NASDAQ: RBBN) between January 8, 2015 and March 24, 2015.The action, which was filed in the United States District Court for the District of Massachusetts, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) the Company would fall materially short of its $74 million revenue forecast; (2) defendants knew that unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, a fact that senior sales personnel regularly communicated to defendants; (3) a number of 2015 sales had been “pulled forward” to buoy sales numbers in Q4 2014, at management’s express direction, and (4) the “backlog” of sales expected to be recognized in early 2015 was significantly lower than usual.
Shareholders have until January 7, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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