WAYNE, Pa., April 20, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of all persons or entities that purchased securities of Sonus Networks, Inc. ("Sonus" or the "Company") (NASADQ: SONS) between October 23, 2014 through March 23, 2015, inclusive (the "Class Period").
Sonus shareholders may, no later than June 5, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Sonus and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/sons.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that (1) Sonus would be unable to close certain orders in the first quarter of 2015; and (2) Sonus would be experiencing longer decision cycles from its customers.
On March 24, 2015, Sonus lowered revenue guidance for the first quarter of 2015 to a range of $47 million to $50 million compared to previous guidance of $74 million. Further, Sonus disclosed that the "Company no longer expects to receive certain orders this quarter that had been expected to be received at the back end of the first quarter." These revelations contradicted Sonus's representations made just weeks earlier, on February 18, 2015, that it was "comfortable with the current consensus estimates for the first quarter of next year of $74 million in revenue" and "our first quarter is more backend loaded than the past few years but the revenue is also far more diversified. In short, we're not dependent upon a single large deal in the quarter. Instead, we have a number of good sized deals in our funnel that we expect to close over the next few week."
As a result of this surprising March 24th disclosure, shares of Sonus common stock plummeted $4.46 per share or nearly 34%, to close at $8.70 per share on March 24, 2015.
If you are a member of the class, you may, no later than June 5, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/sons. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP