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Case Status:    SETTLED  
—On or around 04/24/2024 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. George A. OToole, Jr.

Filing Date: November 08, 2018

According to the Complaint, Sonus Networks, Inc. provides networked solutions from communications service providers and enterprises, bringing intelligence and security to real-time communications.

The Complaint alleges that Defendants knew that the Company would fall materially short of its $74 million revenue forecast, that Defendants knew that the unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, and that Defendants 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.

On June 21, 2019, the Court issued an Order appointing Lead Co-Plaintiffs and Co-Lead Counsel. Lead Plaintiffs filed an amended Complaint on July 19. Defendants filed a Motion to Dismiss the amended Complaint on August 30. On October 20, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.

On July 21, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on October 19. On April 24, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

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