Cases

Synchronoss Technologies, Inc. Securities Fraud Class Action

Gardy & Notis, LLP has been appointed by the Court as lead counsel for purchasers of Synchronoss Technologies, Inc. (NASDAQ: SNCR) securities during a class period of February 4, 2008 through and including June 9, 2008.

Synchronoss provided technology to AT&T that allowed AT&T, as the exclusive U.S. service provider of the Apple iPhone, to "lock" Apple iPhones distributed to AT&T's wireless phone customers. The complaint charges that Synchronoss and its CEO and CFO violated the federal securities laws by failing to disclose to investors numerous warning signs that the unlocking of iPhones jeopardized Synchronoss's iPhone contract with AT&T. While Apple iPhones were extensively being unlocked for use with other wireless carriers, Synchronoss continued to maintain that its future prospects for growth were positive. However, on June 9, 2008, AT&T announced that Synchronoss would not be activating the iPhone 3G, which was released in July of 2008. Instead, the iPhone 3G is activated in-store, effectively removing Synchronoss from the transaction altogether. In reaction to the news, Synchronoss stock fell over 17%, from $13.31 to $11.03 per share.

The case is In re Synchronoss Securities Litigation, in the United States District Court for the District of New Jersey.

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