NEW YORK, Aug. 22, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP
(www.kaplanfox.com) is investigating claims on behalf of investors
of Sequans Communications S.A. ("Sequans" or the "Company")
(NYSE: SQNS).
Class action litigation has been filed in the United States
District Court for the District of New
Jersey against Sequans and certain Company executives on
behalf of investors who purchased or otherwise acquired the
publicly traded securities of Sequans, including Sequans' American
Depositary Receipts ("ADRs") between April
29, 2016 and July 31, 2017,
inclusive (the "Class"), alleging violations of the Securities
Exchange Act of 1934.
At the start of the Class Period, April
29, 2016, Sequans filed a Form 20-F for the fiscal year
ended December 31, 2015 (the "2015
20-F"). Among other things, the 2015 20-F states "[p]roducts
are not sold with a right of return but are covered by
warranty."
On May 2, 2017, Sequans issued a
press release announcing its financial results for the first
quarter of 2017 for the period ending March
31, 2017. In the May 2,
2017 press release, the Company said it expects revenue for
the second quarter of 2017 to be in the range of $13.5 million to $15.5 million.
On August 1, 2017, the Company
issued a press release announcing its financial results for the
second quarter of 2017 for the period ending June 30, 2017. Among other things, Sequans
reported revenue of $13.2 million,
missing the lower end of its prior guidance, citing "a reduction of
$740,000 related to a product return
from an early 2016 tablet-related sale." Following this news,
Sequans' ADR price fell $0.67 per
share, or 18.21%, to close at $3.01
per share on August 1, 2017.
The complaint alleges that throughout the Class Period, the
defendants made materially false and misleading statements
regarding the Company's business, operational and financial
results, which were known to defendants or recklessly disregarded
by them. Specifically, defendants made false and/or
misleading statements and/or failed to disclose that (1) the
Company was improperly recognizing revenue, and (2) as a result,
the Company's public statements were materially false and
misleading at all relevant times.
If you are a member of the proposed Class, you may move the
court no later than October 10, 2017
to serve as a lead plaintiff for the purported class. You
need not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP