Harwood Feffer LLP (
) announces that a class action suit has been filed in the United States District Court for the Southern District of New York against Sequans Communications, S.A. (“Sequans” or the “Company”) (NYSE: SQNS) on behalf of a class consisting of purchasers of American Depositary Shares (“ADS”) pursuant to the Company’s initial public offering on or about April 15, 2011, as well as purchasers of Sequans ADSs between April 15, 2011 and July 27, 2011 (the “Class Period”).
On July 29, 2011, Sequans reported a net profit of $0.1 million, or $0.00 per diluted ADS, for the second quarter of 2011, down $1.8 million, or $0.07 per ADS, year-over-year. In response, Sequans ADS dropped $6.88 per share in one day to close at $8.55, down more than 44%.
The suit alleges that during the Class Period, the Company made a series of material misrepresentations regarding the Company’s business prospects: specifically, Sequans failed to disclose that the Company’s revenues from its WiMAX products were in decline, the Company was not positioned to generate substantial revenue from sales of 4G LTE, as a result, the Company’s products no longer were filling the needs of its largest customer, HTC, and the company would not be experiencing sales growth during 2011. As a consequence, the Company’s financial statements were materially false and misleading throughout the Class Period.
If you purchased Sequans shares during the class period, you have until November 8, 2011 to ask the Court to appoint you as lead plaintiff for the class. 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:
Robert I. Harwood, Esq.Peter W. Overs, Jr., Esq.Benjamin Sachs-MichaelsHarwood Feffer LLP488 Madison AvenueNew York, New York 10022Phone Numbers: (877) 935-7400(212)935-7400Email:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (
) for more information about the firm.
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