RBBN.US
id: 784
Ribbon Communications (RBBN) $4.5M Sonus Investor Settlement
The settlement funds have been distributed to claimants.
$4,500,000
Cash SettlementD. Massachusetts
Court1:18-cv-12344
Case number01/08/2015
Class period Start03/24/2015
Class period End03/15/2024
Claim deadlineRibbon 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 Type
US Securities Class Action
Case Status
Disbursed
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
04/24/2024
Exclusion deadline
04/03/2024
Objection deadline
04/03/2024
Hearing deadline
04/03/2024
Trades matching type
FIFO