Chipmaker To Pay $2.75M To Settle Revenue Accounting Suit
Law360 (May 15, 2020, 4:54 PM EDT) -- Investors of mobile phone chipmaker Sequans Communications SA asked a New York federal judge Thursday to approve a $2.75 million settlement with the tech company, which shareholders say misled them about its revenue accounting and product return practices, causing its stock price to drop when the practices came to light.
The request to U.S. District Judge Frederic Block for preliminary approval comes after "vigorous investigation and litigation efforts for more than two and a half years," the investors said.
Lead plaintiffs Kulwant Johal and Matthew McGee allege that Sequans' misrepresentations about its revenue recognition and accounting practices and product return practices...
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