Investigation of Sonim Technologies, Inc. (SONM)
On September 10, 2019, Sonim issued a press release announcing a need to update its financial guidance for fiscal year 2019 based on the Company’s current expectations. According to Sonim, the Company’s net revenues were expected “to be flat or slightly below 2018 net revenues,” including a GAAP net loss of up to $15 million and an adjusted EBITDA loss of up to $5 million. Sonim cited its U.S. wireless carrier’s lowered purchase forecasts for Sonim’s new products as well as “launch delays due to software issues” for these new products as reasons for its financial outlook revisions. On this news, Sonim’s share price fell $3.30, or over 46%, to close at $3.76. The stock currently trades at around $3.30, a staggering 70% decline from its IPO price.
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