BRIDGEWATER, NJ, June 07, 2022 (GLOBE NEWSWIRE) – Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in cloud, messaging and digital products and platforms, today announced the successful resolution of the U.S. Securities and Exchange Commission’s (“SEC”) legacy investigation into the Company’s re -disclosure of selected data in finance from 2013 to 2016. In 2018, the Company returned the transactions in question in that investigation. In connection with the agreement, the Company has not admitted or denied the SEC’s allegations.
Under the terms of the agreement between Synchronoss and the SEC, Synchronoss agreed to pay a civil penalty in the amount of $ 12.5 million in equal quarterly installments over two years. The cost associated with this settlement was previously accrued in the Company’s financial statements.
“We are pleased to enter into this agreement with the SEC regarding this legacy matter and look forward to continuing to focus our initiatives on the Company’s strategic growth,” said Jeff Miller, President and Chief Executive Officer of Synchronoss.
“This matter relates to historic transactions that the Company resumed nearly four years ago, and Synchronoss believes that reaching this resolution today is the right outcome for our shareholders, customers and key stakeholders. . “
About Synchronoss
Synchronoss Technologies, Inc. (Nasdaq: SNCR) develops software that empowers companies around the world to connect with their subscribers in reliable and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and encourage subscribers to unleash new revenue streams, reduce costs and increase market speed. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. That’s why more than 1,500 talented Synchronoss employees around the world work hard every day to re-imagine a synchronized world. Learn more at www.synchronoss.com.
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