RADNOR, Pa., May 18, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against Sonus Networks, Inc. (Nasdaq: SONS) ("Sonus" or the "Company") on behalf of purchasers of the Company's common stock between October 23, 2014 and March 24, 2015, inclusive (the "Class Period").
On March 24, 2015, Sonus disclosed that it "no longer expects to receive certain orders … that had been expected to be received at the back end of the first quarter," and that it was substantially lowering its first quarter and expected full-year 2015 financial guidance estimates. On this news, shares of Sonus' common stock declined $4.46 per share, or nearly 34 percent, to close on March 24, 2015 at $8.70 per share.
The complaint filed in the action alleges that, throughout the Class Period, Sonus and certain of its executive officers made a series of false and misleading statements. Specifically, the complaint alleges that the defendants failed to disclose that: (1) the Company would be unable to close certain orders in the first quarter of 2015; and (2) the Company was experiencing longer decision cycles from its customers. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/SonusNetworks.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at email@example.com.
Members of the class may, no later than June 5, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation against Sonus. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Kessler Topaz Meltzer & Check.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
SOURCE Kessler Topaz Meltzer & Check, LLP