SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

September 15, 2011 15:59 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Sequans Communications S.A. American Depository Shares; Announces Upcoming Investor Deadline (SQNS)

DENVER, CO--(Marketwire - Sep 15, 2011) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons who purchased Sequans Communications S.A. ("Sequans") (NYSE: SQNS) American Depositary Shares ("ADSs") pursuant and/or traceable to the Company's initial public offering on or about April 15, 2011 (the "IPO"), as well as purchasers of Sequans ADSs between April 15, 2011 and July 27, 2011 (the "Class Period").

What actions may I take at this time? If you purchased shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than November 8, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member.

What are the allegations in the complaint? The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose that: (i) revenues from the Company's WiMAX products were declining; (ii) the Company was not in position to generate any meaningful revenues from sales of 4G LTE products until late 2012; (iii) the Company's largest customer, HTC, and the industry in general, was focusing more on 4G LTE offerings as opposed to WiMAX products offered by the Company; (iv) the Company would not experience sales growth during 2011 and in fact would experience sales declines during that period; (v) the Company was becoming increasingly more dependent upon sales from its largest customer, HTC, and sales from that customer had declined and would continue to decline; and (vi) as a result, defendants' positive statements about the Company were lacking in a reasonable basis of fact and were materially false and misleading when made. Based upon the foregoing, the complaint charges certain of the Company's officers and directors with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

About Dyer & Berens LLP. The plaintiff is represented by several law firms, including Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362x302
    Email: Email Contact
    Website: www.DyerBerens.com