NEW YORK, Jan. 29, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the Superior Court of the State of California, County of  San Mateo  on behalf of all persons or entities who purchased or otherwise acquired securities of Ooma, Inc. (“Ooma” or “Company”) (NYSE:OOMA) pursuant and/or traceable to the  Registration Statement and  Prospectus  issued in  connection  with the  Company’s  Initial Public Offering (IPO) on July 17, 2015.

Shareholders who incurred losses on shares purchased since July 17, 2015 are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

The complaint alleges that Ooma failed to disclose material information in its Registration Statement, including: (a) that 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; (b)  that the  company’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; and (c)  that technological difficulties  in the  company’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.

On July 17, 2015, Ooma sold 5 million shares through its underwriters, raising $65 million.  Ooma’s stock now trades at approximately half the initial IPO price of  $13 per share,  and recently traded at $7.15 per share on January 28, 2016.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Ooma Investigation.”

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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