Sequans Communications SA ADR (NYSE: SQNS) Investor Securities Class Action Lawsuit 08/09/2017

If you purchased shares of Sequans Communications SA ADR (NYSE: SQNS), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Sequans Communications
Case Name: 
Sequans Communications Shareholder Class Action Lawsuit 08/09/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: SQNS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/09/2017
Class Period Begin: 
04/29/2016
Class Period End: 
07/31/2017
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
10/10/2017
Summary: 

May 14, 2020 - Parties filed a stipulation of settlement.

April 9, 2018 - The lead plaintiffs filed an amended consolidated complaint.

February 6, 2018 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

October 10, 2017 - Lead plaintiff motions were filed.

August 9, 2017 - An investor in shares of Sequans Communications SA ADR (NYSE: SQNS) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Sequans Communications SA in connection with certain allegedly false and misleading statements made between April 29, 2016 through July 31, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Sequans Communications SA ADR (NYSE: SQNS) common shares between April 29, 2016 through July 31, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 29, 2016 through July 31, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Sequans Communications SA was improperly recognizing revenue and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

France based Sequans Communications SA is a fabless designer, developer and supplier of fourth Generation long term evolution (4G LTE) semiconductor solutions for wireless broadband applications, with a specific focus on the single-mode device market.

Sequans Communications SA reported that its annual Total Revenue rose from $32.53 million in 2015 to $45.58 million in 2016 and that its Net Loss declined from $27.40 million in 2015 to $24.79 million in 2016.

Shares of Sequans Communications SA ADR (NYSE: SQNS) grew to as high as $4.56 per share in May 2017.

On August 1, 2017, Sequans Communications SA disclosed that their second quarter revenue was negatively affected after the Company had to take product back into their inventory from an early 2016 sale related to the tablet business.

Shares of Sequans Communications SA ADR (NYSE: SQNS) declined to as low as $2.55 per share on August 8, 2017.