Sequans Communications SA (ADS) (NYSE: SQNS) Investor Securities Class Action Lawsuit 09/09/2011

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

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Company Name(s): 
Sequans Communications
Case Name: 
Sequans Communications Shareholder Class Action Lawsuit 09/09/2011
Case Status: 
Settlement Approved
Affected Securities
NYSE: SQNS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/09/2011
Class Period Begin: 
04/14/2011
Class Period End: 
07/27/2011
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/08/2011
Date Settled: 
04/09/2014
Settlement Amount: 
$2,250,000
Deadline to Participate in Settlement: 
03/04/2014
Summary: 

April 9, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

November 20, 2013 - The court preliminarily approved the settlement.

November 7, 2013 - The parties filed a stipulation of settlement.

February 7, 2013 - The lead plaintiffs filed a motion for leave to file an amended complaint.

January 17, 2013 - The court granted defendants' motion to dismiss.

May 14, 2012 - Defendants filed a motion to dismiss.

February 1, 2012 - The lead plaintiffs filed an amended consolidated complaint.

December 13, 2011 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

November 8, 2011 - Lead plaintiff motions were filed.

September 9, 2011 - An investor in American Depositary Shares (ADS) of Sequans Communications SA (NYSE: SQNS) filed a lawsuit in the U.S. District Court for the Southern District of New York against Sequans Communications SA over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of all persons who purchased Sequans Communications SA (NYSE: SQNS) ADS pursuant and/or traceable to its initial public offering on or about April 15, 2011, as well as purchasers of Sequans Communications SA (NYSE: SQNS) ADS between April 15, 2011 and July 27, 2011, that Sequans Communications SA and certain of its officers and directors violated the Securities Act of 1933 and the Securities Exchange Act of 1934.

Despite an increase in its annual Revenue Sequans Communications SA was not able to pull out of a Net Loss. Sequans Communications SA reported an increase in its 12months Total Revenue from $13.98million in 07 to $68.54million in 2010. However it reported over the same time frame Net Loss ranging between $2.69million and $16.87million. Additionally, even though Sequans Communications SA reported an increase in its second quarter Revenue from $16.64million last year to $30.61million for this year’s second quarter, its second quarter Net Income fell from $0.59million to $0.06million for the second quarter in 2011.

Shares of Sequans Communications SA (NYSE: SQNS) rose from $7.96 in April 2011 to as high as $19.17 on May 31, 2011 and continued to trade for the most part of July 2011 above $15 per share.

Then on July 28, 2010, Sequans Communications SA announced its second quarter 2011 financial results. Among other things, Sequans Communications SA also issued its third quarter 2011 and second half 2011 revenue guidance.

NYSE: SQNS stocks fell from $15.43 on July 27, 2011 to $5.70 on August 8, 2011 and closed on September 9, 2011 at $5.54 per share.