NEW YORK, Feb. 11, 2016 (GLOBE NEWSWIRE) -- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the Superior Court of the State of California, County of San Mateo, on behalf of investors who purchased Ooma, Inc. (NYSE:OOMA) securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering on July 17, 2015.
Click here to learn about the case: http://docs.wongesq.com/OOMA-Info-Request-Form-1111. There is no cost or obligation to you.
The complaint alleges that Ooma failed to disclose material information in its Registration Statement, including: (a) 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; (b) 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 (c) 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.
On July 17, 2015, Ooma successfully raised $65 million in its IPO. Ooma’s stock now trades at approximately half the IPO price of $13 per share, and recently closed at $6.49 per share on January 15, 2016.
If you suffered a loss in Ooma and would like to obtain additional information, contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.425.1140, or visit http://docs.wongesq.com/OOMA-Info-Request-Form-1111.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.