NEW YORK, Dec. 16, 2015 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has commenced in the United States District Court for the Southern District of New York on behalf of purchasers of SuperCom Ltd. (“SuperCom”) (NASDAQ:SPCB) common stock during the period between June 1, 2015 and November 27, 2015, inclusive (the “Class Period”).
Shareholders who incurred losses on shares purchased within the Class Period are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774.
If you purchased shares of SuperCom, Ltd., you may, no later than February 8 , 2016, request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that defendants failed to disclose that SuperCom was having difficulty closing certain governmental sales and the revenue associated with those sales would be substantially delayed, that SuperCom’s “pipeline” was neither strong nor “broadening,” and that, as a result, the Company was not on track to achieve the financial results defendants had led the market to expect during the Class Period. As a result of defendants’ false and misleading statements and/or omissions, SuperCom’s common stock traded at artificially inflated prices during the Class Period, reaching a high of $14.44 per share on June 17, 2015.
On November 30, 2015, SuperCom announced its preliminary financial results for the third quarter of 2015, acknowledging that it had significantly missed its own revenue target and disclosing that the Company expected drastically lower third quarter 2015 revenues of $5.5-$6.1 million, and that it would be forced to lower fiscal year 2015 guidance. The Company stated that its “‘financial performance in the third quarter and full-year were impacted by [its] inability to recognize more than $10 million of revenues that were expected this year, mainly due to delays associated with foreign government customers.'”
On this news, the price of SuperCom common stock fell more than $3 per share, or 40%, from its close of $7.70 per share on November 27, 2015 to a close of $4.60 per share on November 30, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “SuperCom Investigation.”
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CONTACT: Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: [email protected], [email protected] or [email protected] Tel: (800) 575-0735 or (212) 545-4774