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Oklahoma City, OK (November 9, 2018) – On November 8, 2018, a securities class action lawsuit was filed in the United States District Court for the District of Massachusetts against Ribbon Communications, Inc. f/k/a Sonus Networks, Inc. (NASDAQ: RBBN). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 8, 2015 through March 24, 2015. More specifically, the complaint alleges that Defendants knew that Sonus Networks, Inc. would fall materially short of its $74 million revenue forecast. Sonus knew that the unrealistic revenue and profitability forecasts remained aspirational and largely unreachable, a fact that senior sales personnel regularly communicated to Defendants. Defendants also knew that a 2015 sales had been “pulled forward” to buoy sales numbers in the fourth quarter of 201, at management’s express direction, and that the “backlog” of sales expected to be recognized in early 2015 was significantly lower than usual.
On August 7, 2018, the SEC issued a press release and the SEC Order, stating that the SEC had charged Ribbon, Greenquist and Swade with making material misstatements on January 8, 2015 and February 18, 2015 concerning Sonus’s quarterly revenue estimates and guidance for Q1 2015.
Plaintiff seeks to recover damages on behalf of all Ribbon Communications, Inc. f/k/a Sonus Networks, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, January 7, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
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