Sequans Communications S.A. Securities Litigation

By providing your information, either on paper, electronically or through a website, you consent to us storing and using your information for case administration purposes only. Our site uses tracking technologies to tailor your experience and understand how you and other visitors use our site. By continuing to navigate this site you consent to use of these tracking technologies. For more information on how we use your personal data, please read our Privacy Policy.

Sequans Communications S.A. Securities Litigation
Home
Home
Notice
Notice
Claim Form
Claim Form
Court Documents
Court Documents
Contact Settlement Administrator
Contact Settlement Administrator

**IMPORTANT CASE UPDATE**

On March 8, 2021 Settlement checks were mailed to all eligible class members.

The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act. 

Please read the Notice carefully


IF YOU PURCHASED OR OTHERWISE ACQUIRED SEQUANS COMMUNICATIONS, S.A. AMERICAN DEPOSITARY RECEIPT SHARES FROM APRIL 29, 2016 AND JULY 31, 2017, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

IMPORTANT DATES AND DEADLINES

SUBMIT A CLAIM FORM

 

The deadline to submit a claim has passed.

 

EXCLUDE YOURSELF

The deadline to exclude yourself from the Class has passed.

OBJECT

The deadline to object to the Settlement has passed.

FINAL APPROVAL HEARING

 

The Court held a Final Approval Hearing on September 28, 2020, and approved the Settlement, and motion for an award of attorneys' fees and reimbursement of litigation expenses, and reimbursement award to plaintiffs.

DO NOTHING

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

The Settlement Hearing

The Court held the Final Approval Hearing on September 28, 2020, and approved the Settlement, and motion requesting an award of attorneys' fees and reimbursement of litigation expenses, and reimbursement award to plaintiffs. 

What is this case about?

Beginning in August of 2017, two class action complaints were filed in the United States District Court for the Eastern District of New York (the “Court”).  The first, filed on August 9, 2017, was styled Renner v. Sequans Communications S.A. et al., No. 1:17-cv-04665-FB-SJB.  The second, filed on August 10, 2017, was styled Shillito v. Sequans Communications S.A. et al., No. 2:17-cv-04707-FB-SJB.  Both of these complaints alleged violations of the Securities Exchange Act of 1934 for false and misleading statements made to the public.

By order dated September 29, 2017, the Court ordered that the cases be consolidated under the caption In re Sequans Communications S.A. Securities Litigation.  In the same order, the Court appointed Kulwant Johal and Matthew McGee as Lead Plaintiffs for the consolidated actions and approved Lead Plaintiffs’ selection of counsel, Pomerantz LLP and the Rosen Law Firm, P.A.  Fee-sharing agreements exist between Plaintiffs’ Counsel, and with Bronstein Gewirtz & Grossman LLC, additional counsel for Mr. Johal.

On April 9, 2018, Lead Plaintiffs filed an Amended Complaint, alleging that Defendants Sequans and Georges Karam (as well as Deborah Choate) made false and misleading statements about (i) Sequans’ accounting and revenue-recognition practices; and (ii) Sequans’ product return practices.  The Amended Complaint further alleged that the price of Sequans’ ADRs was artificially inflated as a result of Defendants’ allegedly false and misleading statements and declined when the truth was revealed.

On November 30, 2018, Defendants moved to dismiss the Amended Complaint on the basis that plaintiffs had not adequately alleged that: (i) any of Defendants’ statements, including those about accounting, revenue-recognition practices and product return practices, were false or misleading; (ii) any Defendant intended to defraud the market; or (iii) Plaintiffs’ alleged losses were caused by Defendants’ statements.  On September 30, 2019, accepting the facts alleged in the Amended Complaint as true and drawing all reasonable inferences in favor of Plaintiffs (as a court must do at the motion to dismiss stage), the Court sustained claims against Defendants Sequans and Karam, and dismissed claims against Choate.  Subsequently, the parties commenced discovery, which has included exchange of initial disclosures, third party discovery, and issuance of initial document requests to Sequans.

The Defendants continue to deny that they made any misstatements or material omissions during the Class Period or are liable to the Plaintiffs or the Settlement Class in any way, and deny that Plaintiffs or the Settlement Class have suffered any damages. 

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

The Settlement provides that, in exchange for the release of the Released Claims (defined in the Notice) and dismissal of the Action, Defendants have agreed to pay (or cause to be paid) $2.75 million in cash to be distributed after taxes, tax expenses, notice and claims administration expenses, and approved fees and expenses, pro rata, to Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation.  The Plan of Allocation is described in more detail in the Notice.

Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Proof of Claim forms that Class Members send in, compared to the amount of your claim, all as calculated under the Plan of Allocation discussed in the Notice.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator or Lead Counsel for further information regarding the Settlement:

Settlement Administrator:

Sequans Communications S.A. Securities Litigation

c/o A.B. Data, Ltd.

PO Box 173102

Milwaukee, WI  53217

866-963-9973

info@sequanscommunicationssecuritieslitigation.com

Plaintiffs’ Counsel:

Pomerantz LLP 

Joshua B. Silverman

10 S. LaSalle St., Ste. 3505

Chicago, IL 60603

 

The Rosen Law Firm, P.A.

Phillip Kim

275 Madison Ave., 40th Floor

New York, NY  10016

 


 


 
adobe reader imageYou will need Adobe Reader to view documents on this site. You can learn more about Adobe Reader and download the latest version by clicking here.