Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our firm is investigating possible legal claims on behalf of investors of Sonim Techologies, Inc. On May 9, 2019, Sonim Technologiesconducted its initial public offering with shares priced at $11. On September 10, 2019, shares dropped over 45% in one day, closing at $3.76 per share. If you invested in Sonim, you may be eligible for monetary recovery. Speak with an experienced securities attorney to learn more about your options.
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Sonim Stock News: Revised Financial Outlook; CFO Resigns
On July 24, 2019 Sonim reported its second quarter financial results. During this report, former CFO James Walker stated
For the fiscal year ending December 31, we expect net revenues to increase between 25% and 30% over the $135.7 million we reported in fiscal 2018. Further, we expect to achieve adjusted EBITDA profitability of between 4% and 6% of net revenues for the year as a whole.
On September 10, 2019, however, Sonim provided a corporate update which told a very different story. During this update, Sonim disclosed that it expects its net revenues for the year ending December 31, 2019 to be flat or even slightly below 2018 net revenues. Further, the company reported that its adjusted EBITDA is expected to be a loss of up to $5 million. Finally, Sonim announced the resignation of CFO James Walker.
On this news, SONM shares fell over 45% by the end of the trading day. Our firm is investigating possible legal claims on behalf of Sonim investors.
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Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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