Robbins LLP: Sequans Communications S.A. (SQNS) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Sequans Communications S.A. (NYSE: SQNS) in the U.S. District Court for the Eastern District of New York. The complaint is brought on behalf of all purchasers of Sequans securities between April 29, 2016 and July 31, 2017, for alleged violations of the Securities Exchange Act of 1934 by Sequans’ officers and directors. Sequans, together with its subsidiaries, engages in fabless designing, developing, and supplying 4G LTE semiconductor solutions for wireless broadband applications.
Sequans Accused of Implementing Inadequate Financial Controls
According to the complaint, Sequans submitted multiple filings with the U.S. Securities and Exchange Commission attesting to the accuracy of the financial information presented. However, the complaint alleges that Sequans was improperly recognizing revenue, causing the company to predict impractical financial guidance and issue misleading public statements about its financial condition. On August 1, 2017, Sequans revealed that the company had a product return from early 2016 sales which reduced its revenue by $740,000. On this news, Sequans’ stock fell $0.81 per share, or over 22% over the next two trading days to close at $2.87 per share on August 2, 2017.
Sequans Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.