SAN DIEGO, Jan. 19, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Ooma Inc (NYSE:OOMA) over alleged Violations of Securities Laws by Ooma Inc in connection with the Company’s Initial Public Offering (“IPO”) on July 17, 2015.
Investors who purchased shares of Ooma Inc (NYSE:OOMA) pursuant to the IPO have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On July 16, 2015, Ooma Inc announced that it has priced its initial public offering of 5,000,000 shares of its common stock at a price to the public of $13.00 per share. Since then shares of Ooma Inc (NYSE:OOMA) declined to as low as $5.66 per share on January 6, 2016.
The plaintiff claims that Ooma Inc allegedly failed to disclose material information in its Registration Statement issued in connection with the Company’s IPO on July 17, 2015 including that certain exceptionally large prior fiscal year sales to its largest outside reseller were not recurring or being replaced in the fiscal year leading into the IPO, that the company’s customer churn rate, or rate of customer terminations or failures to renew, had increased significantly as of the IPO as a result of customers having endured eight-hour service outages in April and May 2015, and that technological difficulties in the company’s lead generation business were causing leads to get lost in the internet before reaching their intended targets, thus negatively impacting the company’s business.
The lawsuit seeks to recover damages for certain NYSE:OOMA investors.
Those who purchased Ooma Inc (NYSE:OOMA) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.