Kaplan Fox Reminds Investors Of Investigation Of Sonim Technologies, Inc.

NEW YORK, Sept. 11, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased shares of Sonim Technologies, Inc. ("Sonim" or the "Company") a San Mateo, California-based provider of ruggedized mobile phones and accessories.

On May 9, 2019, the Company closed its initial public offering, selling 3,571,429 shares at $11 per share for gross proceeds of $39.3 million.

On July 24, 2019, the Company disclosed its financial results for the quarter ended June 30, 2019, and disclosed, among other things, that for the year-ending December 31, 2019, the Company continues to expect net revenues to increase between 25% and 30% compared to $135.7 million reported in 2018 and to achieve adjusted EBITDA profitability of between 4% and 6% of net revenues for 2019.

On September 10, 2019, before the market opened, the Company provided investors a corporate update.  Among other things, the Company disclosed that net revenues for the year-ending December 31, 2019 are expected to be flat or slightly below 2018 net revenues, that adjusted EBITDA is expected to be a loss of up to $5 million, and that the Company's CFO James Walker resigned.

On September 10, 2019, the Company's shares declined from a closing price on September 9, 2019 of $7.06 per share, to open at $5.98 per share, a decline of $2.60 per share or approximately 36%.  Since the Company's IPO, Sonim shares have declined $6.73 per share or approximately 60%.   

If you purchased Sonim shares, and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about your rights or interests, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com

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SOURCE Kaplan Fox & Kilsheimer LLP