WELCOME TO THE OOMA SECURITIES LITIGATION WEBSITE

This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as In re Ooma, Inc. Shareholder Litigation, Lead Case No. CIV536959 (the “Litigation”), and is pending before the Honorable Gerald J. Buchwald in the Superior Court of California, County of San Mateo (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation" or "Settlement") dated May 15, 2019, which can be found and downloaded by clicking on the Case Documents tab above.

The law firm of Robbins Geller Rudman & Dowd LLP represents you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

This is a securities class action brought against Ooma, Inc. ("Ooma" or "Company") and certain of its officers and directors (collectively, "Defendants") for alleged violations of Section 11 of the Securities Act of 1933 (the “Securities Act”) on behalf of all persons who purchased or otherwise acquired Ooma common stock pursuant or traceable to the Company's Registration Statement and Prospectus filed in connection with Ooma's July 17, 2015 initial public offering ("IPO").  More specifically, Plaintiffs allege violations of the Securities Act premised on the grounds that the Registration Statement failed to disclose that: (1) certain prior fiscal year sales to Ooma's largest outside reseller were not recurring or being replaced in the fiscal year leading up to the IPO; (2) the Company's customer churn rate had increased significantly as of the IPO, and the product sales were down significantly as a result of customers having endured significant outages, poor support and employee turnover; and (3) technological difficulties in the Company's Business Promoter service were negatively impacting sales of that service and the Company's business.  Plaintiffs allege that the combination of these non-disclosures masked the fact that at the time of the IPO, Ooma's revenue growth and operating profits were falling. 

If you purchased or acquired Ooma common stock pursuant or traceable to the Registration Statement filed in connection with Ooma's IPO, you are a Class Member.   For purposes of this Settlement only, you are a Class Member if you purchased or otherwise acquired Ooma common stock on or before January 14, 2016. As set forth in the Stipulation, excluded from the Class are: Defendants, the officers and directors of Ooma (at all relevant times), members of their immediate families and their legal representatives, heirs, successors, or assigns, and any entity in which any Defendant has a majority ownership.  Also excluded from the Class is any Person who timely and validly requests exclusion pursuant to the requirements described in the Notice of Proposed Settlement of Class Action (the "Notice").

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $8,650,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and the amount to Plaintiffs in connection with their representation of the Class, as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including how many shares of Ooma common stock you purchased or otherwise acquired, the timing of your purchases and any sales, and how many other Class Members make claims. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES