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Why Shares of Synchronoss Technologies Tumbled Today

By Timothy Green - Nov 30, 2017 at 4:19PM

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Investors may be losing patience after a very difficult year.

What happened

Shares of Synchronoss Technologies (SNCR -2.60%) slumped on Thursday. There was no company-specific news driving the decline. The latest development was on Nov. 20, when Synchronoss received a letter from Nasdaq threatening suspension and delisting unless it requests a hearing, which the company said in a press release that it intended to do.

Synchronoss hasn't reported quarterly results since February of this year. The stock was down about 13% at market close.

A declining stock chart.

Image source: Getty Images.

So what

The delisting notice on Nov. 20 marked the latest chapter in an ongoing saga for Synchronoss. Here's a timeline of what has happened with the company since the beginning of the year:

The stock has plunged this year as the result of these developments, and it's been volatile over the past few months. Today's slump is more of the same for Synchronoss investors.

SNCR Chart

SNCR data by YCharts.

Now what

Synchronoss will need to present a plan to regain compliance soon in order to avoid delisting. Investors are waiting on three separate quarterly reports, and the company is still working to restate its results for 2015 and 2016.

Until these issues are resolved, expect the stock to continue to swing up and down.

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Synchronoss Technologies, Inc. Stock Quote
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