NEW YORK, Dec. 15, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SuperCom Ltd. ("SuperCom" or the "Company") (NASDAQ: SPCB). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether SuperCom and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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. SuperCom 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, SuperCom common stock fell $3.10, or more than 40 percent, to close at $4.60 per share on November 30, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP