This petition is on behalf of all the investors in synchronoss technologies, it's employees ( current and former) and general public who believes in leadership with responsibility, accountability and transparency.

Context;

Over the past year or so, synchronoss technologies ( nasdaq: SNCR) has wiped out over 85% ( negative 85% return) of wealth of it's investors ( direct shareholders or via ownership in funds) primarily because of lack of transparency, questionable deals and lack of ability in the management under the leadership of Stephen Waldis to assess and take decisions that best serves the interest of the stakeholders of the company. The erosion of investor wealth in this case is primarily self inflicted by management and not a result of external factors.

An investigative article covering possible management decisions that were not in the interest of stakeholders but management is extensively covered in this article. http://sirf-online.org/2017/02/24/synchronoss-technologies-the-friends-and-family-plan/

Later, Synchronoss management disclosed possible accounting issues around May 2017 causing investors wealther to erode significantly. Despite these problems, an activist investor ( siris capital) came forward to acquire synchronoss as a whole. At the same time, SNCR management announced that there were multiple suitors and the management would take a decision taking into consideration the best interest of it's shareholders. However, the management at Synchronoss under the leadership of Mr Waldis concluded the Siris transaction that didn't benefit the shareholders but just sold part of the company only to get rid of the debt. Existing investors who were already battered believed in the management to improve the situation and the wealth only to see the share price further collapse over 50% from the day the Siris deal was announced. The management has done nothing but remain silent in these times where some of the investors lost over 85% and had to forego personal property and peace of mind by further trusting the management when there was an opportunity to contain the losses.

Here are the key questions from the stakeholders community to ponder:

1. Several Synchronoss employees were terminated during this period on performance grounds. Why does the same not apply to the management under the leadership of Mr Waldis whose performance is possibly the worst in the company based on public information? ( lack of transparency and accountability)

2. Despite not being a majority shareholder of the company anymore ( after taking this public), why does the management under his leadership deny a sale of the company, which is clearly in the best interest of the shareholders who accrued deep losses and not managing the company? ( lack of responsibility)

3. How can the investors pay this Chairman and then CEO ~$1.38M ( based in public info) annual salary + options for his severe under performance?

4. Current audit team (E&Y) spent over 9 months but still couldn't complete the audit of the messy financials that this same leadership team were responsible for. How can the investors trust that the audit is free of influence (with this same leader sitting in a management position)? 

5. Why should the investor bear the burden of this audit caused by the irresponsible decisions made by the management?

6. The audit process is not being carried out as a charity, why does the management not have control of the timelines. "Wait and Watch", "let it take it's own course" on the company matters are not considered management skills.

Solution:

1. Mr Stephen Waldis must step down to restore faith in investors and ensure transparency

2. A team of stakeholders ( possibly the funds with the largest holding) should take control of this company and evaluate the next steps

3. Merger or sales options of this company must be re-evaluated to ensure the investors recoup some of their losses. Over an year being in the dark needs patience and most investors have already shown this, management can't ask for more.

 

Disclaimer:

While this petition may sound like this is being written for the benefit of select few that invested in Syncronoss tech, humble request to take a holistic view on the current corporate trends of management being in-sensitive to it's stakeholders to benefit the select few. Management of public companies are being paid by us, it's investors ( not vice-versa) for leading us in the right direction.

I hope petitions like this will help bring the sense of responsibility and accountability to these so called executives. These characteristics in executives are the true foundation to really making AGA.

Thanks to all the supporters!