ENGLEWOOD CLIFFS, N.J., Sept. 13, 2008 (GLOBE NEWSWIRE) -- The law firm of Gardy & Notis, LLP filed a securities fraud class action lawsuit on behalf of all investors who purchased or otherwise acquired Synchronoss Technologies, Inc. (Nasdaq:SNCR) securities for a class period between February 4, 2008 and June 9, 2008, inclusive. The lawsuit is pending in the United States District Court for the District of New Jersey, and names as defendants Synchronoss, Stephen G. Waldis (President, CEO and Chairman) and Lawrence R. Irving (CFO and Treasurer).
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 filed by Gardy & Notis, LLP alleges that defendants failed 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.
There is a November 7, 2008 deadline for investors who purchased or acquired Synchronoss securities during the class period to move and request that the Court appoint you as lead plaintiff. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff.
To learn more about the lawsuit, please contact Charles Germershausen at Gardy & Notis, LLP, by telephone at 201-567-7377, or by email at cgermershausen@gardylaw.com. A copy of the complaint filed in the lawsuit is available from the court or by contacting Gardy & Notis, LLP.
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More information on this and other class actions can be found on the Class Action Newsline at http://www.globenewswire.com/ca/