Izard Nobel LLP Announces Class Action Lawsuit Against Sequans Communications S.A.
(firmenpresse) - WEST HARTFORD, CT -- (Marketwire) -- 09/16/11 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depositary Shares ("ADSs") of Sequans Communications S.A ("Sequans" or the "Company") (NYSE: SQNS) from April 15, 2011 and July 27, 2011 (the "Class Period"). Also included are those who purchased in the IPO on or about April 14, 2011.
The Complaint charges that Sequans and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following adverse facts: (i) revenues from Sequan's WiMAX products were declining; (ii) Sequans was not in position to generate meaningful revenues from sales of 4G LTE products until late 2012; (iii) the Company's largest customer, HTC, and the industry in general, was focusing more on 4G LTE offerings as opposed to WiMAX offerings, including WiMAX products offered by Sequans; (iv) the Company would not experience sales growth during 2011 and in fact would experience sales declines during that period; (v) Sequans was becoming increasingly more dependent upon sales from its largest customer, HTC, and sales from that customer had declined and would continue to decline; and (vi) as a result, defendants' positive statements about Sequans were materially false and misleading when made.
If you are a member of the class, you may, no later than November 8, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800)797-5499
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Datum: 16.09.2011 - 19:42 Uhr
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News-ID 66802
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