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Harwood Feffer LLP (
www.hfesq.com) 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%.