This lawsuit is for anyone who acquired securities in Synacor, Inc. (NASDAQ: SYNC) from May 4, 2016 through March 15, 2018.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the above mentioned time period, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company hyped the revenue that it would immediately produce from a contract it made with AT&T in 2016, while knowing that the contract would not produce any significant income until 2018.
On August 9, 2017, Synacor announced its second quarter 2017 results stating therein that it would not receive until 2018 a significant portion of the revenue it expected to receive in the third and fourth quarters of 2017 due to a “strategic decision” by the joint AT&T-Synacor team to “prioritize portal engagement” over monetization, which would cause a “longer ramp to full monetization.” On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on March 15, 2018, the Company’s CEO further elaborated on problems with the Company’s AT&T contract. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Synacor, Inc. (NASDAQ: SYNC) from May 4, 2016 through March 15, 2018 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.