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Case Status:    ONGOING    
On or around 09/01/2017 (Ongoing date of last review)

Filing Date: December 09, 2015

According to the law firm press release, SuperCom provides traditional and digital identity solutions to governments and private and public organizations worldwide.

The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects. Specifically, the complaint alleges that defendants failed to disclose that SuperCom was having difficulty closing certain governmental sales and the revenue associated with those sales would be substantially delayed, that SuperCom’s “pipeline” was neither strong nor “broadening,” and that, as a result, the Company was not on track to achieve the financial results defendants had led the market to expect during the Class Period. As a result of defendants’ false and misleading statements and/or omissions, SuperCom’s common stock traded at artificially inflated prices during the Class Period, reaching a high of $13.84 per share.

Then, on November 30, 2015, Supercom announced its preliminary financial results for the third quarter of 2015, acknowledging that it had significantly missed its own revenue target and disclosing that the Company expected third quarter 2015 revenues to come in at $5.5-$6.1 million, less than half of the $13.38 million the Company had led the investment community to expect, and that it would be forced to lower its fiscal year 2015 guidance. The Company stated that its “‘financial performance in the third quarter and full-year were impacted by [its] inability to recognize more than $10 million of revenues that were expected this year, mainly due to delays associated with foreign government customers.’” On this news, the price of SuperCom common stock fell more than $3 per share, or 40%, from its close of $7.70 per share on November 27, 2015 to a close of $4.60 per share on November 30, 2015.

On August 22, 2016, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed an amended complaint on October 7.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: Israel

SECURITIES INFORMATION:

Ticker Symbol: SPCB
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 15-CV-09650
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 12/09/2015
CLASS PERIOD START: 06/01/2015
CLASS PERIOD END: 11/27/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-09650
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 10/07/2016
CLASS PERIOD START: 01/21/2015
CLASS PERIOD END: 11/27/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date