HENDERSONVILLE, TN / ACCESSWIRE / November 22, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of Sonim Technologies, Inc. (SONM) has filed a class action complaint against the company for alleged violations of the Securities Act of 1933 pursuant to its May 2019 initial public offering ("IPO"). Sonim Technologies provides ruggedized mobile phones and accessories for task workers.
Sonim Technologies, Inc. (SONM) Accused of Misleading Investors in IPO
According to the complaint, Sonim completed its IPO on May 13, 2019, offering 4.07 million shares of common stock at $11.00 per share and raising $37.5 million in proceeds. In its Registration Statements, Sonim acknowledged the importance of its XP5 and XP8 phones to its revenue growth. Then on September 10, 2019, Sonim issued a press release stating that it expected fiscal year 2019 net revenues to be flat or slightly below 2018 net revenues, including a GAAP net loss of up to $15 million and an adjusted EBITDA loss of up to $5 million. Sonim cited its U.S. wireless carrier's lowered purchase forecasts for Sonim's new phone products as well as "launch delays due to software issues" for these new products as reasons for its financial outlook revisions. On this news, Sonim's share price fell $3.30, or over 46%, to close at $3.76. The stock currently trades at around $2.50, a staggering 77% decline from its IPO price.
Sonim Sharehoders Urged to Contact the Firm
If you purchased Sonim securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorneyraised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2019 Top Rated Litigator, 2019 Top Ranked Lawyer and a 2019 Elite Lawyer of The South. Martindale-Hubbell®, also recentlty awarded Mr. Miles the 2020 AV Preeminent Attorney, their highest rating for both legal ability and ethics, an award he has maintained since 2014.. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019), which is reserved for less than 1% of attorneys in America and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019), which is also reserved for less than 1% of attorneys in America. Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles
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