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PHILADELPHIA, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating claims on behalf of investors of Sonim Technologies, Inc. (“Sonim” or the “Company”) (NASDAQ: SONM) to determine whether Sonim or any of its officers violated federal securities laws.
If you invested in Sonim and suffered losses or wish to learn more about Kehoe Law Firm’s securities investigation, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, email@example.com, or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, firstname.lastname@example.org, email@example.com.
On September 10, 2019, Sonim, “a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments,” issued “revised financial guidance for fiscal 2019.”
Specifically, the Company stated the following:
Net revenues are expected to be flat or slightly below 2018 net revenues of $135.7 million reported in fiscal 2018;
GAAP net loss, defined as net revenues less cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes and other expenses, is expected to be up to $15 million;
Adjusted EBITDA, a non-GAAP metric, is expected to be a loss of up to $5 million. [Emphasis added.]
Sonim also stated that “[s]everal factors have collectively contributed to [Sonim’s] revised financial outlook for fiscal 2019, primarily stemming from changes in U.S. wireless carrier forecasts for the launch of Sonim’s new products as well as launch delays due to software issues related to these new introductions.”
Additionally, the Company stated that it “. . . bases its forecasts on its wireless carrier’s forecasts of their purchase of Sonim’s products. Over the past few weeks, these carriers lowered those forecasts for Sonim’s new product introductions. This summer Sonim had expected, based on customer input, carriers to subsidize Sonim phones post-launch, to place new releases in retail locations, and to sign up push-to-talk customers to Sonim’s new generation of phones. In each of these cases, there have been significant delays and changes in the rollout of these efforts, resulting in a reduction of Sonim’s expected net revenues in the second half of the year.” [Emphasis added.]
Sonim announced it “ . . . has experienced technical challenges related to its XP8 smartphone and other general non-systemic, accessory-related issues in its feature phones, which cumulatively resulted in lost sales momentum. These challenges have diverted resources away from launching smaller Tier 2 carrier customers and, as such, delayed the launch of Sonim devices to their customer base.”
On this news, Sonim shares fell significantly, closing down 46.74% on September 10, 2019, thereby injuring Sonim investors.
Kehoe Law Firm, P.C. , with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
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