If You Bought Sequans Communications ADS Pursuant to or Traceable to Sequans IPO or Purchased Sequans Communications ADS from April 14, 2011 to July 27, 2011, You May Be Entitled To Recover Money From The Johnson v. Sequans Communications S.A. ADS Securities Fraud Class Action Lawsuit Settlement.
Sequans Communications S.A. (“Sequans”) and certain others (collectively “Defendants”) have reportedly agreed to a proposed settlement of a securities fraud class action lawsuit against Sequans Communications in the U.S. District Court for the Southern District of New York (styled as Johnson v. Sequans Communications S.A., Case No. 11-cv-06341-PAC) alleging, among other things, that Sequans violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b, by allegedly providing offering materials for Sequans’ IPO that had misleading statements and omissions relating to market conditions for the wireless semi-conductor industry, such as the financial condition of Clearwire, the future demand by HTC for Sequans products, changes relating to Worldwide Interoperability for Microwave WiMAX and Long Term Evolution LTE technology, according to the Sequans Communications Securities Fraud class action settlement notice.
Sequans Communications settlement class members reportedly include, unless otherwise excluded, all persons who purchased Sequans ADSs pursuant and/or traceable to Sequans’ IPO or bought Sequans ADSs from April 14, 2011 to July 27, 2011.
Under the Sequans Communications securities fraud Class Action Lawsuit Settlement, Sequans Communications will reportedly create a $2.25 million settlement fund for the benefit of the Sequans settlement class. Sequans Communications settlement class members must file a Proof of Claim and Release form to be eligible to recover a payment under the settlement. The average estimated payment under the Settlement is reportedly about $0.29 per Sequans ADS before reductions for taxes, notice & administration expenses and attorneys fees and costs.
For more information regarding the Sequans Communications Securities Fraud Class Action Lawsuit Settlement, settlement class members can write to Sequans Securities Litigation c/o Gilardi & Co. LLC Claims Administrator P.O. Box 8040 San Rafael, CA 94912-8040, call toll free at 877-262-1364, email Classact@Gilardi.com or visit the Johnson v. Sequans Communications settlement website at www.gilardi.com/sequans.
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