The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Sequans Communications S.A. (NYSE: SQNS) who purchased shares between April 29, 2016 and July 31, 2017. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) the Company was improperly recognizing revenue; and (2) as a result, certain public statements were materially false and misleading at all relevant times. On August 1, 2017, Sequans revealed that its revenue in the second quarter was negatively affected by a product return from an early 2016 sale related to the tablet business. When this news was announced, shares of Sequans declined in value materially, which caused investors harm.
Shareholders have until October 10, 2017 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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