SOURCE: Milberg LLP

September 08, 2008 10:59 ET

Milberg LLP Announces the Filing of a Class Action Lawsuit Against Synchronoss Technologies, Inc. -- SNCR

NEW YORK, NY--(Marketwire - September 8, 2008) - Attorney Advertising. The law firm of Milberg LLP filed a class action lawsuit on Friday, September 5, 2008, on behalf of all persons and entities that purchased or otherwise acquired securities issued by Synchronoss Technologies, Inc. ("Synchronoss" or the "Company") (NASDAQ: SNCR) from February 4, 2008 through June 9, 2008, inclusive, (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). A copy of the complaint filed in this action is available from the court, or can be viewed on Milberg LLP's website at: http://www.milberg.com.

If you purchased or acquired Synchronoss securities from February 4, 2008 through June 9, 2008, you may move the court no later than November 7, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.

The action is pending before the Honorable Garrett E. Brown, Jr., case no. 08-cv-04437, in the United States District Court for the District of New Jersey against defendants Synchronoss, Stephen G. Waldis (President, CEO and Chairman), and Lawrence R. Irving (CFO and Treasurer). According to the complaint, defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.

Synchronoss is a provider of on-demand multi-channel transaction software management platforms that enable communications service providers to automate new subscriber activation, order management and service provisioning.

The complaint alleges that during the Class Period, defendants made fraudulent material misrepresentations and omissions regarding Synchronoss's business and operations. Specifically, Synchronoss materially misrepresented the Company's financial condition and future prospects to the Company's shareholders and the investing public.

Synchronoss provides technology to AT&T, Inc. ("AT&T") that allows AT&T, as the exclusive United States service provider of the Apple iPhone, to "lock" Apple iPhones distributed to AT&T's wireless phone customers. The complaint alleges that during the Class Period, Defendants failed to disclose to investors numerous warning signs that the unlocking of iPhones jeopardized Synchronoss's iPhone contract with AT&T.

While Apple iPhones were extensively being unlocked for use with other wireless carriers, Synchronoss continued to maintain that its future prospects for growth were positive. However, on June 9, 2008, AT&T announced Synchronoss would not be activating the iPhone 3G, which was released in July of 2008. Rather, the iPhone 3G is activated in-store, effectively removing Synchronoss from the transaction altogether. On this news, Synchronoss stock fell from $13.31 to $11.03, a 17.1% decline.

Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Contact Information

  • Peter Safirstein
    Roland Riggs
    Milberg LLP
    One Pennsylvania Plaza, 49th Fl.
    New York, NY 10119-0165
    Phone number: (800) 320-5081
    Email: contactus@milberg.com

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