Why Shares of Synchronoss Technologies Are Slumping Today

Shares of Synchronoss Technologies (NASDAQ: SNCR) are slumping, adding to a decline that began one week ago. Synchronoss disclosed Wednesday evening that it had received a letter from Nasdaq with an update on its potential suspension. As of 12:15 p.m. EST, the stock was down about 8.5%, after being down as much as 12.4% earlier in the day.

Synchronoss received a letter from Nasdaq on Nov. 20 threatening suspension and delisting. The company has failed to file three separate quarterly reports, and it's still working on the restatement of its financial results for 2015 and 2016. Synchronoss stated on Nov. 20 that it intended to request a hearing.

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Source: Fool.com