Investor Alert: Kaplan Fox Investigates Sonim Technologies, Inc. (Nasdaq: SONM)

NEW YORK, Sept. 10, 2019

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. 

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