NEW YORK, Aug. 8, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at Synchronoss Technologies, Inc. ("Synchronoss" or the "Company") (NASDAQ: SNCR).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties by failing to maintain a system of effective internal controls over financial reporting. Specifically, on June 13, 2017, the Company filed a Form 8-K with the SEC announcing that "[o]n June 8, 2017, the Audit Committee of the Board of Directors of Synchronoss, after consultation with management and discussion with Ernst & Young LLP, the Company's independent registered public accounting firm, concluded that the Company's previously issued financial statements for the fiscal years ended December 31, 2016 and 2015 and the respective quarterly periods (collectively, the "Relevant Periods") should be restated and should no longer be relied upon." The Form 8-K further stated that Stephen Waldis, the Company's new CEO, and Lawrence Irving, the Company's new CFO, together with the Audit Committee of the Company's Board of Directors and with the assistance of accounting and legal advisors, "initiated a thorough review of accounting of certain transactions conducted in the Relevant Periods. As a result of this review, certain errors have been identified in the Relevant Periods concerning revenue recognition in connection with certain licensing transactions. The Company has determined that revenues from each of the applicable transactions should be recognized ratably over the term of the license contract or netted as part of the consideration transferred in connection with purchase accounting."
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If you currently own Synchronoss stock and have continuously owned Synchronoss stock since at least January 1, 2015 and would like to discuss your legal rights, please visit www.faruqilaw.com/SNCR. You can also contact us by calling Nina Varindani or Stuart Guber toll free at (212) 983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Synchronoss's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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