A lawsuit was filed on behalf of investors in Sequans Communications SA ADR (NYSE:SQNS) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/31/2017 -- An investor in NYSE:SQNS shares filed a lawsuit against Sequans Communications SA over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Sequans Communications SA ADR (NYSE:SQNS) have certain options and for certain investors are short and strict deadlines running. Deadline: October 10, 2017. NYSE:SQNS investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between April 29, 2016 through July 31, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that Sequans was improperly recognizing revenue and that as a result, Defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
France based Sequans Communications S.A. is a fabless designer, developer and supplier of fourth Generation long term evolution (4G LTE) semiconductor solutions for wireless broadband applications, with a specific focus on the single-mode device market. Sequans Communications SA reported that its annual Total Revenue rose from $32.53 million in 2015 to $45.58 million in 2016 and that its Net Loss declined from $27.40 million in 2015 to $24.79 million in 2016. Shares of Sequans Communications SA ADR (NYSE:SQNS) grew to as high as $4.56 per share in May 2017.
On August 1, 2017, Sequans Communications SA disclosed that their second quarter revenue was negatively affected after the Company had to take product back into their inventory from an early 2016 sale related to the tablet business. Shares of Sequans Communications SA ADR (NYSE:SQNS) declined to as low as $2.55 per share on August 8, 2017.
Those who purchased shares of Sequans Communications SA ADR (NYSE:SQNS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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