Oklahoma City, OK (April 6, 2018) – On April 4, 2018, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Synacor, Inc. (NASDAQ: SYNC).  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 May 4, 2016 through March 15, 2018.  More specifically, this litigation was filed because Defendants made false and/or misleading statements and/or failed to disclose that: (i) Synacor was unlikely to receive significant revenues from the AT&T Contract until 2018; (ii) as such, the Company’s revenue forecasts issued during the Class Period were materially false and misleading; and (iii) as a result of the foregoing, Synacor shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.

On August 9, 2017, post-market, Synacor issued a press release entitled “Synacor Exceeds Second-Quarter 2017 Financial Guidance; Remains on Path to ‘3/30/300,’” announcing its financial results for the quarter ended June 30, 2017.  The press release stated in relevant part:  “[T]he joint AT&T-Synacor team has made the strategic decision to prioritize portal engagement right now over monetization.  We are seeing the results of this focus in deeper engagement metrics. We are already generating revenue from this new consumer experience, but we expect that additional monetization tactics will be turned on at a more deliberate pace, which will result in a longer ramp to full monetization. As a result, a significant portion of the revenue that we were expecting in Q3 and Q4 this year is delayed to 2018, and we are adjusting our financial guidance for 2017 accordingly. We believe that this engagement-focused strategy ultimately leads to a stronger, more sustainable business.”  On this news, Synacor’s share price fell $1.15, to close at $2.40 on August 10, 2017.

Then, on March 15, 2018, Synacor held a conference call to discuss its Q4 2017 results. On the call, Himesh Bhise, the Company’s CEO, further elaborated on problems with the Company’s AT&T contract. On this news, Synacor’s share price fell $0.30, to close at $1.75 on March 16, 2018.

Plaintiff seeks to recover damages on behalf of all Synacor, 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, June 4, 2018 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.

To join this class action, click here to obtain an investor certification.  Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN:  Robin.