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RBBN.US
id: 784

Ribbon Communications (RBBN) $4.5M Sonus Investor Settlement

D. Massachusetts
Court
1:18-cv-12344
Case number
08 Jan 2015
Class period Start
24 Mar 2015
Class period End
15 Mar 2024
Claim deadline
Ribbon Communications (RBBN), ex-Ribbon, agreed to settle $4.5 million with investors in the revenue-forecast lawsuit.

The lawsuit alleges that $RBBN and its Accountables knew that:
  • it would fall materially short of its $74 million revenue forecast,
  • the unrealistic revenue and profitability forecasts remained aspirational and largely unreachable and
  • a number of 2015 sales had been “pulled forward” to buoy sales numbers in Q4 2014, at management’s express direction, and
  • the “backlog” of sales expected to be recognized in early 2015 was significantly lower than usual.
Persons who during the period between January 8, 2015 and March 24, 2015, both dates inclusive, purchased or otherwise acquired publicly traded common stock of Sonus Networks, Inc. (n/k/a Ribbon Communications, Inc.), and/or purchased or otherwise acquired publicly traded Sonus call options, and/or wrote publicly traded Sonus put options and suffered economic losses as a proximate result of the alleged wrongdoing, may be entitled to payout.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.7
Plaintiffs
Giuseppe Veleno, Gary Williams, Ron Miller
Attorneys
Glancy Prongay & Murray LLP, The Rosen Law Firm P.A.
Defendants
Raymond P. Dolan, Mark T. Greenquist, Michael Swade
Judge
Hon. George A. O’Toole, Jr.
Administrator
Strategic Claims Services
Settlement agreement date
2023-07-25
Court hearing date
24 April 2024
Exclusion deadline
03 April 2024
Objection deadline
03 April 2024
Hearing deadline
03 April 2024
Trades matching type
FIFO
+$4,500,000
Cash Settlement Amount

Ribbon Communications Inc

Ribbon Communications Inc. provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud a...

    Ticker
    RBBN.US
    ISIN
    US7625441040
    CIK
    1708055
    Sector
    Communication Services
    Industry
    Telecom Services
    Country
    USA
    Address
    6500 Chase Oaks Boulevard, Plano, TX, United States, 75023