To All Persons Who Purchased Or Acquired Sonim Technologies, Inc. ("Sonim") (NASDAQ: SONM) Common Stock Pursuant Or Traceable To The May 2019 Registration Statement And Prospectus Filed In Connection With Sonim's Initial Public Offering ("IPO") On Or About May 9, 2019 And Were Damaged Thereby ("Class").

Rhea-AI Summary

On December 14, 2020, a notice was issued regarding a proposed settlement of $2 million in a class action lawsuit involving Sonim Technologies (SONM). The settlement pertains to claims made by individuals who purchased SONM common stock linked to its May 2019 IPO. A court hearing is scheduled for March 5, 2021, to determine the fairness and adequacy of the settlement. Class members must submit a Claim Form by February 3, 2021, to be eligible for recovery. Individuals wishing to exclude themselves from the class must also do so by February 3, 2021.

Positive

• None.

Negative

• The settlement amount of $2 million may indicate financial strain on the company due to litigation costs.
• Class members must submit claims to benefit from the settlement, which might affect investor confidence.
• The ongoing legal issues could distract management from focusing on business operations.

NEW YORK, Dec. 14, 2020 /PRNewswire/ -- The following release was issued by RG/2 Claims Administration LLC, as Claims Administrator, on behalf of Faruqi & Faruqi LLP

PUBLICATION NOTICE

TO:

ALL PERSONS WHO PURCHASED OR ACQUIRED SONIM TECHNOLOGIES, INC. ("SONIM") (NASDAQ: SONM) COMMON STOCK PURSUANT OR TRACEABLE TO THE MAY 2019 REGISTRATION STATEMENT AND PROSPECTUS FILED IN CONNECTION WITH SONIM'S INITIAL PUBLIC OFFERING ("IPO") ON OR ABOUT MAY 9, 2019 AND WERE DAMAGED THEREBY ("CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that Lead Plaintiff David Sterrett ("Lead Plaintiff"), on behalf of himself and each member of the Class, and defendants Sonim Technologies, Inc., Robert Plaschke, James Walker, Maurice Hochschild, Alan Howe, Kenny Young, Susan G. Swenson, John Kneuer, Jeffrey D. Johnson, Oppenheimer & Co., Inc., Lake Street Capital Markets, LLC, and National Securities Corporation, have reached a proposed settlement of the above-captioned action ("Action") in the amount of $2,000,000 that, if approved, will resolve the action in its entirety (the "Settlement").

A hearing will be held on March 5, 2021 at 9:00 a.m, at the Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, Courtroom 7—19th Floor, San Francisco, CA 94102, for the purpose of determining: (1) whether the proposed Settlement as set forth in the Stipulation of Settlement dated September 10, 2020 ("Stipulation") of the Action is fair, reasonable, and adequate; (2) whether a Final Judgment should be entered by the Court dismissing the Action with prejudice; (3) whether the Plan of Allocation for distribution of the settlement funds available for distribution is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees in the amount of 25% of the Settlement Fund, reimbursement of Lead Counsel's expenses up to $50,000, and an award to Lead Plaintiff for his reasonable costs and expenses up to $2,500 should be approved.

IF YOU PURCHASED OR ACQUIRED SONIM COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.  You may obtain copies of a detailed Notice of Pendency and Settlement of Class Action ("Notice") and Proof of Claim and Release form ("Claim Form") by writing to Sonim Technologies, Inc. Securities Litigation, RG/2 Claims Administration LLC, P.O. Box. 59479, Philadelphia, PA 19102-9479, visiting the website www.rg2claims.com/sonim.html, e-mailing the Claims Administrator at info@rg2claims.com, or calling the Claims Administrator toll free at (866) 742-4955.  Inquiries other than requests for the above-referenced documents may also be made to Plaintiff's Lead Counsel:

Richard W. Gonnello
FARUQI & FARUQI, LLP
685 Third Avenue
26th Floor
New York, NY 10017

If you are a Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Claim Form postmarked or submitted electronically no later than February 3, 2021, establishing that you are entitled to recovery.  NOTE THAT NO CLAIMS LESS THAN $10.00 WILL BE PROCESSED OR PAID.  Your failure to timely submit your Claim Form will subject your claim to possible rejection and may preclude you from receiving any of the recovery in connection with the settlement of this Action.

To exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than February 3, 2021.  All Class Members who have not requested exclusion from the Class will be bound by the settlement entered in the Action even if they do not submit a timely Claim Form.

Any objection to the settlement, the Plan of Allocation of settlement proceeds, or the fee and expense application must be submitted to the Court either by mailing them to the Clerk of Court, United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102, or by filing them in person at the same location.  Your objection must be received on or before February 3, 2021.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE, THIS SETTLEMENT, OR THIS CLAIMS PROCESS.   If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above.

DATED:  December 14, 2020

SOURCE:  Richard W. Gonnello, Esq., Faruqi & Faruqi, LLP, 685 Third Avenue, 26^th Floor, New York, NY  10017, Telephone 212-93-9330, rgonnello@faruqilaw.com and Tina Chiango, RG/2 Claims Administration LLC, P.O. Box 59479, Philadelphia, PA 19102-9479, Telephone 866-742-4955, Facsimile 215-979-1695, tchiango@rg2claims.com

 

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SOURCE RG/2 Claims Administration LLC

FAQ

What is the settlement amount proposed in the Sonim Technologies class action lawsuit?

The proposed settlement amount is $2 million.

What is the deadline for submitting a Claim Form for the Sonim Technologies settlement?

The deadline for submitting a Claim Form is February 3, 2021.

When is the court hearing for the Sonim Technologies settlement?

The court hearing is scheduled for March 5, 2021.

Who can participate in the Sonim Technologies class action settlement?

All persons who purchased or acquired Sonim Technologies common stock pursuant to the May 2019 registration statement can participate.

What are the implications of the Sonim Technologies class action settlement for shareholders?

The settlement may indicate underlying financial challenges for the company and could impact investor confidence.