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Case Status:    ONGOING    
On or around 10/08/2019 (Date of last review)

Filing Date: October 07, 2019

According to the Complaint, Sonim provides ultra-rugged mobile phones and accessories for task workers who are physically engaged in their work environments. The Company’s phones and accessories connect workers with voice, data and workflow applications in two end markets: industrial enterprise and public sector.

In May 2019, the Company completed its initial public offering (“IPO”) in which it sold approximately 4.07 million shares of common stock at a price of $11.00 per share.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (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.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SONM
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: N.D. California
DOCKET #: 19-CV-06416
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 10/07/2019
CLASS PERIOD START: 05/13/2019
CLASS PERIOD END: 10/07/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available