Lead Plaintiff David Sterrett (“Lead Plaintiff”), on behalf of himself and each member of the Class, and defendants Sonim Technologies, Inc., Robert Plaschke, James Walker, Maurice Hochschild, Alan Howe, Kenny Young, Susan G. Swenson, John Kneuer, Jeffrey D. Johnson, Oppenheimer & Co., Inc., Lake Street Capital Markets, LLC, and National Securities Corporation, have reached a proposed settlement of the above-captioned action (“Action”) in the amount of $2,000,000 that, if approved, will resolve the action in its entirety (the “Settlement”).
A hearing will be held on March 5, 2021 at 9:00 a.m, at the Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, Courtroom 7—19th Floor, San Francisco, CA 94102, for the purpose of determining: (1) whether the proposed Settlement as set forth in the Stipulation of Settlement dated September 10, 2020 (“Stipulation”) of the Action is fair, reasonable, and adequate; (2) whether a Final Judgment should be entered by the Court dismissing the Action with prejudice; (3) whether the Plan of Allocation for distribution of the settlement funds available for distribution is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys’ fees in the amount of 25% of the Settlement Fund, reimbursement of Lead Counsel’s expenses up to $50,000, and an award to Lead Plaintiff for his reasonable costs and expenses up to $2,500 should be approved.
IF YOU PURCHASED OR ACQUIRED SONIM COMMON STOCK PURSUANT OR TRACEABLE TO THE REGISTRATION STATEMENT, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.
If you have not received a detailed Notice of Pendency and Settlement of Class Action (“Notice”) and Proof of Claim and Release form (“Claim Form”) you may obtain copies by writing to Sonim Technologies, Inc. Securities Litigation, RG/2 Claims Administration LLC, P.O. Box. 59479, Philadelphia, PA 19102-9479, or going to the Notice and Claim page of this website.
If you are a Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Claim Form postmarked or submitted electronically no later than February 3, 2021, establishing that you are entitled to recovery. NOTE THAT NO CLAIMS LESS THAN $10.00 WILL BE PROCESSED OR PAID. Your failure to timely submit your Claim Form will subject your claim to possible rejection and may preclude you from receiving any of the recovery in connection with the settlement of this Action.
If you purchased or acquired Sonim common stock and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than February 3, 2021, in accordance with the instructions in the Notice. All Class Members who have not requested exclusion from the Class will be bound by the settlement entered in the Action even if they do not submit a timely Claim Form.
Any objection to the settlement, the Plan of Allocation of settlement proceeds, or the fee and expense application must be submitted to the Court either by mailing them to the Clerk of Court, United States District Court for the Northern District of California, Phillip Burton Federal Building & United States Courthouse, 450 Golden Gate Avenue, San Francisco, CA 94102, or by filing them in person at the same location. Your objection must be received on or before February 3, 2021.
If you have any questions about the Settlement, you may contact Lead Counsel at:
Richard W. Gonnello
FARUQI & FARUQI, LLP
685 Third Avenue
New York, NY 10017
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE, THIS SETTLEMENT, OR THIS CLAIMS PROCESS.