Switch, Inc. (NYSE: SWCH)
Hagens Berman Sobol Shapiro LLP reminds investors in Switch, Inc. (NYSE: SWCH) of the August 10, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of New Jersey.
If you purchased or otherwise acquired shares of SWCH pursuant or traceable to its initial public offering (IPO) priced during October 2017 and/or on the open market before June 12, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SWCH@hbsslaw.com.
During early October 2017, Defendants priced Switch’s IPO consisting of 31.25 million Class A common shares at $17 per share.
The complaint charges Defendants made misleading statements and omitted important information about Switch’s business. More specifically, it alleges certain Defendants (1) improperly recognized revenues from a contract with one customer even though no services were performed, (2) overstated Switch’s revenue growth, and (3) omitted disclosing that nearly all reported sales growth was due to just one of Switch’s campuses.
On June 11, 2018, the price of Switch shares closed at $12.90 (about 24% lower than the IPO price).
“We’re focused on investors’ losses and Defendants’ apparently misleading disclosures about Switch’s revenues and other operational matters,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Switch should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SWCH@hbsslaw.com.
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