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EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Ooma, Inc.Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Ooma, Inc. common stock (NYSE: OOMA) pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with OOMA's July 17, 2015 initial public offering (the "IPO"). The lawsuit seeks to recover damages for Ooma investors under the federal securities laws. To join the Ooma class action, go to the firm's website at http://rosenlegal.com/cases-819.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAYRETAIN COUNSEL OF YOUR CHOICE. According to the lawsuit, the offering documents filed in connection with the IPO contained materially false and misleading statements and omissions, including that: (1) 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; (2) Ooma'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; (3) technological difficulties in Ooma'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; (4) these problems caused the Ooma's subscription retention rate to plummet and net losses to double on a year-over-year basis, as of the IPO; (5) the adverse events and uncertainties associated with these negative trends were likely to have a material impact on Ooma's profitability and would be required to be disclosed in the Registration Statement, and (6) Ooma had a material weakness in its controls over financial reporting. When the true details entered the market, the lawsuit claims that investors suffered damages. If you wish to join the litigation, go to the firm's website at http://rosenlegal.com/cases-819.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected]. Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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