Why Shares of Synchronoss Technologies Jumped Today
Shares of Synchronoss Technologies (NASDAQ: SNCR) surged on Monday after the company provided an update on its strategic alternatives process. This comes about two weeks after the stock tumbled on news that the company's largest shareholder, Siris Capital, was not interested in an all-cash buyout. As of 12:27 p.m. EDT, Synchronoss stock was up 15.9%.
Synchronoss has been considering strategic alternatives for a few months, a decision that was prompted by a string of bad news earlier this year. The CEO and CFO both resigned in April, following first-quarter results that came in far below expectations. In June, Synchronoss disclosed that it needed to restate its financial statements for 2015 and 2016. The stock was down 76% year to date prior to Monday's surge.
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Source: Fool.com
