U.S. Securities and Exchange Commission Establishes Synchronoss Technologies Fair Fund

PORTLAND, Ore., July 6, 2026 /PRNewswire/ --

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

PLAN NOTICE OF SYNCHRONOSS TECHNOLOGIES FAIR FUND

TO: Individuals and entities, or their lawful successors, who purchased or acquired Synchronoss Technologies, Inc., common stock during the period between February 6, 2014, and May 9, 2018, inclusive, ("Relevant Period").

If you fall within the group above, you must submit a completed Claim Form with the necessary documentation so that it is postmarked (if mailed) or submitted online by August 13, 2026 (the "Claims Bar Date"), to be considered for eligibility to receive a Distribution Payment from the Synchronoss Technologies Fair Fund.

Purpose of this Plan Notice

The purpose of this Plan Notice is to inform you that you may be eligible to share in the proceeds of the Synchronoss Technologies Fair Fund described herein. To be potentially eligible to share in the Synchronoss Technologies Fair Fund, you must file a Claim Form in accordance with the steps set forth in this Plan Notice and in the Distribution Plan (the "Plan") approved by the Securities and Exchange Commission ("SEC" or "Commission"). Claim Forms, together with this Plan Notice, are being mailed to all known Preliminary Claimants¹ who are identified as Preliminary Claimants by the Commission-appointed Fund Administrator ("Fund Administrator"), Epiq Class Action & Claims Solutions, Inc. ("Epiq").² Copies of the Plan, this Plan Notice, and the Claim Form are available on the Synchronoss Technologies Fair Fund website at www.SynchronossTechnologiesFairFund.com and through the Commission's website at https://www.sec.gov/enforcement-litigation/distributions-harmed-investors/synchronoss-technologies-inc. Certain persons are excluded from eligibility under the Plan; these exclusions are summarized in Section III below.

PLEASE READ THIS PLAN NOTICE CAREFULLY AND IN ITS ENTIRETY.

Background

On June 7, 2022, the Commission issued the Orders instituting and simultaneously settling proceedings against the Respondents. In the Orders, the Commission found that Synchronoss, a New Jersey-based technology company that primarily provides products, software, and services to telecommunications companies, together with several senior executives and employees engaged in improper accounting practices from at least 2013 through 2017. In July 2018, Synchronoss announced a restatement of its audited financial data for the fiscal years ended in 2014 and 2013 totaling approximately $190 million in cumulative revenues.

As part of this announcement, Synchronoss restated revenues related to certain transactions for which Synchronoss had recognized revenue improperly and in a manner inconsistent with generally accepted accounting principles ("GAAP"). The restatement primarily related to three categories of transactions, for which Synchronoss improperly recognized revenue: (a) transactions for which there was not persuasive evidence of an arrangement; (b) acquisitions/divestitures in which Synchronoss recognized revenue on license agreement(s) instead of combining those purported amounts with the purchase or sales prices; and (3) license/hosting transactions, in which Synchronoss converted prior multi-term software-as-a-service ("SaaS") agreements into perpetual license agreements, and improperly recognized the revenue upfront, instead of recognizing it ratably over the term of the arrangements. In its restatement, Synchronoss also acknowledged "pervasive material weaknesses" in its internal control over financial reporting for the restatement period. These certain instances of Synchronoss' improper accounting were the result of misconduct by Synchronoss' senior executives and other employees. As a result of this misconduct, Synchronoss filed with eh Commission materially misstated financial statements in its annual, quarterly and current reports during the restatement period.

In their respective Orders, the Commission ordered Synchronoss to pay $12,500,000.00, Thomas to pay $90,000.00, Bandini to pay $75,000.00, Ives to pay $15,000.00, Murdock to pay $15,000.00 and Prague to pay $25,000.00 for a collective total of $12,720,000.00 in civil money penalties to the Commission.

In each of the Orders, the Commission created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties collected can be distributed to harmed investors (the "Fair Fund"), and further ordered that the Fair Fund may be added to or combined with any other Fair Fund created in a related district court action or administrative proceeding arising out of the same violations.

Respondents have paid in full. In accordance with the Orders, the $12,720,000.00 collected from the Respondents has been combined (collectively, the "Fair Fund" and deposited in a Commission-designated account at the U.S Department of Treasury (the "Treasury"). Any accrued interest will be added to the Fair Fund.

Eligibility Criteria and the Distribution Methodology

To qualify for a payment from the Synchronoss Technologies Fair Fund, you must satisfy certain eligibility criteria that are described in detail in the Plan. The Plan is available on the Fair Fund website at www.SynchronossTechnologiesFairFund.com and on the Commission's public website at https://www.sec.gov/enforcement-litigation/distributions-harmed-investors/synchronoss-technologies-inc. You can also request a copy of the Plan by calling the Fund Administrator at 1-888-817-5548 or by emailing [email protected]. The eligibility criteria include the following:

• You must have purchased or acquired The Synchronoss Technologies, Inc., common stock during the Relevant Period.
• Your approved transactions must calculate to a Recognized Loss as calculated under the Plan and your Distribution Payment must equal or exceed $25.00.

Claim Forms

A CLAIM FORM IS BEING MAILED TO ALL PRELIMINARY CLAIMANTS KNOWN TO THE FUND ADMINISTRATOR. IF YOU DO NOT RECEIVE A CLAIM FORM OR REQUIRE ADDITIONAL CLAIM FORMS, FOLLOW THE INSTRUCTIONS BELOW UNDER "ADDITIONAL INFORMATION."

THE DEADLINE TO SUBMIT A CLAIM FORM TO THE ADDRESS BELOW IS AUGUST 13, 2026 — ALSO REFERENCED HEREIN AS THE "CLAIMS BAR DATE." PLEASE NOTE THAT THIS IS A POSTMARK DEADLINE IF SUBMITTED BY U.S. MAIL, AND A RECEIVED DEADLINE IF SUBMITTED ONLINE. IF YOU FAIL TO SUBMIT A COMPLETED CLAIM FORM THAT IS POSTMARKED (IF MAILED) OR SUBMITTED ONLINE ON OR BEFORE AUGUST 13, 2026, YOU WILL BE BARRED FROM RECEIVING A PAYMENT FROM THE SYNCHRONOSS TECHNOLOGIES FAIR FUND. THE CLAIM FORM MUST BE ACCOMPANIED BY APPROPRIATE SUPPORTING DOCUMENTATION FOR EACH TRANSACTION LISTED IN PART III OF THE CLAIM FORM.

Synchronoss Technologies Fair Fund
Fund Administrator
PO Box 2298
Portland, OR 97208-2298

Claim Determinations

The Fund Administrator will send a Claim Status Notice within 45 days of the Claims Bar Date to any Preliminary Claimants who submitted a deficient Claim Form. The Claim Status Notice will provide the reason(s) for the deficiency and, in the event the claim is denied, the Claim Status Notice will state the reason(s) for such denial. The Claim Status Notice will also notify the Preliminary Claimant of the opportunity to cure any deficiency, request reconsideration, or dispute the determination made by the Fund Administrator and provide instructions regarding what is required to do so.

Within 120 days of the Claims Bar Date, the Fund Administrator will complete all claims determinations and send a Determination Notice to all Preliminary Claimants who timely submitted a Claim Form notifying the Preliminary Claimant of its eligibility determination. The Determination Notice will constitute the Fund Administrator's final ruling regarding the eligibility status of the claim. The Fund Administrator may consider disputes of the recognized loss calculation pursuant to the procedures outlined in the approved Distribution Plan.

Additional Information

Additional information regarding the Synchronoss Technologies Fair Fund may be found at www.SynchronossTechnologiesFairFund.com. Additional Claim Forms and Plan Notices may also be downloaded at the Synchronoss Technologies Fair Fund's website. You may obtain additional information or request copies of Claim Forms and Plan Notices by calling the Synchronoss Technologies Fair Fund's toll-free number at 1-888-817-5548, or by emailing [email protected].

PLEASE CHECK THE WEBSITE
WWW.SYNCHRONOSSTECHNOLOGIESFAIRFUND.COM FREQUENTLY FOR
UPDATES.

^{_________________________________________
1} Capitalized terms not defined here are defined in the Plan.
² On April 22, 2025, the Commission appointed Epiq Class Action & Claims Solutions, Inc. ("Epiq") as the Fund Administrator.

URL: www.SynchronossTechnologiesFairFund.com

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SOURCE Epiq