Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced 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” or the “Company”) (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, inclusive (the “Class Period”).
If you have suffered a net loss for all transactions in Sequans ADSs during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 8, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the Company’s failure to disclose during the Class Period and/or in connection with its initial offer of shares to the public on or about April 15, 2011, that revenues from the Company’s WiMAX products were declining; that the Company was not in position to generate any meaningful revenues from sales of 4G LTE products until late 2012; that HTC, the Company’s largest customer, and the industry in general were focusing more on 4G LTE offerings as opposed to WiMAX offerings; that the Company would experience sales declines during 2011; and that the Company, had become increasingly dependent upon sales to HTC, and sales to HTC had declined and would continue to do so. According to the complaint, after, on July 28, 2011, Sequans reported net profit of $0.1 million, or $0.00 per diluted ADS, compared to a net profit of $1.9 million, or $0.07 per ADS, in the first quarter of 2011 and a net profit of $0.6 million, or $0.02 per ADS, in the second quarter of 2010, the value of Sequans shares declined significantly.
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