NEW YORK, Jan. 29, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the Superior Court of the State of California, County of San Mateo on behalf of all persons or entities who purchased or otherwise acquired securities of Ooma, Inc. (“Ooma” or “Company”) (NYSE:OOMA) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering (IPO) on July 17, 2015.
Shareholders who incurred losses on shares purchased since July 17, 2015 are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774.
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 sold 5 million shares through its underwriters, raising $65 million. Ooma’s stock now trades at approximately half the initial IPO price of $13 per share, and recently traded at $7.15 per share on January 28, 2016.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Ooma Investigation.”
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: email@example.com, firstname.lastname@example.org or email@example.com Tel: (800) 575-0735 or (212) 545-4774
Source:Wolf Haldenstein Adler Freeman & Herz LLP