Sequans Communications S.A. Securities Litigation

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Sequans Communications S.A. Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. 

Please read the Notice carefully


IF YOU PURCHASED OR OTHERWISE ACQUIRED SEQUANS COMMUNICATIONS, S.A. AMERICAN DEPOSITARY RECEIPT SHARES FROM APRIL 29, 2016 AND JULY 31, 2017, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

IMPORTANT DATES AND DEADLINES

SUBMIT A CLAIM FORM

 

The only way to be eligible to receive a payment from the Settlement.  Proof of Claim forms must be postmarked on or before July 20, 2020 to:

Sequans Communications S.A. Securities Litigation

c/o A.B. Data, Ltd.

PO Box 173102

Milwaukee, WI  53217

 

EXCLUDE YOURSELF

Each member of the Class shall be bound by all determinations and judgments of the Court in connection with the Settlement, whether favorable, unless such Class Member shall mail, by first class mail, sufficient postage repaid, a written request for exclusion from the Class.  A request for exclusion shall not be effective unless submitted within the time and in accordance with the instructions in the Notice. Exclusions must be received on or before August 25, 2020.

OBJECT

Any objections to the proposed Settlements with the proposed Plan of Allocation, and/or the request for attorneys’ fees, reimbursement of Litigation Expenses, and any service awards for Plaintiffs must be filed in accordance with the instructions in the Notice. Objections must be received by the Court and counsel on or before August 25, 2020.

FINAL APPROVAL HEARING

 

The Final Approval Hearing will be held on September 8, 2020, at 2:30 p.m. The Court will consider the fairness, reasonableness, and adequacy of the proposed Plan of Distribution, and the application for attorneys’ fees and reimbursement of Litigation Expenses. Requests to speak must be received by the Court and counsel on or before August 25, 2020.

DO NOTHING

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

The Settlement Hearing

The Court will hold a Settlement Hearing at 02:30 p.m. on September 8, 2020, in the Courtroom of the Honorable Frederic Block, at the United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn NY 11201. At the hearing, the Court will determine: (1) whether the proposed Settlement of the Settlement Class’s claims against the Defendants for $2,750,000 should be approved as fair, reasonable and adequate; (2) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (3) whether the Court should permanently enjoin the assertion of any claims that arise from or relate to the subject matter of the Action; (4) whether the Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement filed with the Court; (5) whether the application by Plaintiffs’ Counsel for an award of attorneys’ fees and expenses should be approved; and (6) whether the application for reimbursement awards to Plaintiffs should be granted.  At the Court’s discretion, the Final Approval Hearing may be telephonic, in which case call-in details will be displayed by the Settlement Administrator at its website: www.sequanscommunicationssecuritieslitigation.com

What is this case about?

Beginning in August of 2017, two class action complaints were filed in the United States District Court for the Eastern District of New York (the “Court”).  The first, filed on August 9, 2017, was styled Renner v. Sequans Communications S.A. et al., No. 1:17-cv-04665-FB-SJB.  The second, filed on August 10, 2017, was styled Shillito v. Sequans Communications S.A. et al., No. 2:17-cv-04707-FB-SJB.  Both of these complaints alleged violations of the Securities Exchange Act of 1934 for false and misleading statements made to the public.

By order dated September 29, 2017, the Court ordered that the cases be consolidated under the caption In re Sequans Communications S.A. Securities Litigation.  In the same order, the Court appointed Kulwant Johal and Matthew McGee as Lead Plaintiffs for the consolidated actions and approved Lead Plaintiffs’ selection of counsel, Pomerantz LLP and the Rosen Law Firm, P.A.  Fee-sharing agreements exist between Plaintiffs’ Counsel, and with Bronstein Gewirtz & Grossman LLC, additional counsel for Mr. Johal.

On April 9, 2018, Lead Plaintiffs filed an Amended Complaint, alleging that Defendants Sequans and Georges Karam (as well as Deborah Choate) made false and misleading statements about (i) Sequans’ accounting and revenue-recognition practices; and (ii) Sequans’ product return practices.  The Amended Complaint further alleged that the price of Sequans’ ADRs was artificially inflated as a result of Defendants’ allegedly false and misleading statements and declined when the truth was revealed.

On November 30, 2018, Defendants moved to dismiss the Amended Complaint on the basis that plaintiffs had not adequately alleged that: (i) any of Defendants’ statements, including those about accounting, revenue-recognition practices and product return practices, were false or misleading; (ii) any Defendant intended to defraud the market; or (iii) Plaintiffs’ alleged losses were caused by Defendants’ statements.  On September 30, 2019, accepting the facts alleged in the Amended Complaint as true and drawing all reasonable inferences in favor of Plaintiffs (as a court must do at the motion to dismiss stage), the Court sustained claims against Defendants Sequans and Karam, and dismissed claims against Choate.  Subsequently, the parties commenced discovery, which has included exchange of initial disclosures, third party discovery, and issuance of initial document requests to Sequans.

The Defendants continue to deny that they made any misstatements or material omissions during the Class Period or are liable to the Plaintiffs or the Settlement Class in any way, and deny that Plaintiffs or the Settlement Class have suffered any damages. 

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

The Settlement provides that, in exchange for the release of the Released Claims (defined in the Notice) and dismissal of the Action, Defendants have agreed to pay (or cause to be paid) $2.75 million in cash to be distributed after taxes, tax expenses, notice and claims administration expenses, and approved fees and expenses, pro rata, to Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation.  The Plan of Allocation is described in more detail in the Notice.

Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Proof of Claim forms that Class Members send in, compared to the amount of your claim, all as calculated under the Plan of Allocation discussed in the Notice.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator or Lead Counsel for further information regarding the Settlement:

Settlement Administrator:

Sequans Communications S.A. Securities Litigation

c/o A.B. Data, Ltd.

PO Box 173102

Milwaukee, WI  53217

866-963-9973

info@sequanscommunicationssecuritieslitigation.com

Plaintiffs’ Counsel:

Pomerantz LLP 

Joshua B. Silverman

10 S. LaSalle St., Ste. 3505

Chicago, IL 60603

 

The Rosen Law Firm, P.A.

Phillip Kim

275 Madison Ave., 40th Floor

New York, NY  10016

 


 


 
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