WILMINGTON, Del., April 8, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Sonus Networks, Inc. (NASDAQ GS: SONS)?
- Did you purchase your shares between October 23, 2014 and March 24, 2015, inclusive?
- Did you lose money in your investment in Sonus Networks, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of Sonus Networks, Inc. ("Sonus" or the "Company") (NASDAQ GS: SONS) between October 23, 2014 and March 24, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Sonus during the Class Period, or purchased shares prior to the Class Period and still hold Sonus, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://www.rigrodskylong.com/investigations/sonus-networks-inc-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. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 24, 2015, the Company issued a press release which lowered its guidance for the first quarter of 2015 and revealed the expected lowering of its revenue guidance for the full year.
On this news, shares in Sonus dropped over 33%, closing at $8.70 per share on March 24, 2015, on heavy trading volume of over 16 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than June 5, 2015. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-rigrodsky--long-pa-announces-a-securities-fraud-class-action-lawsuit-has-been-filed-against-sonus-networks-inc-300063081.html
SOURCE Rigrodsky & Long, P.A.
