FINAL SHAREHOLDER DEADLINE: Kaskela Law LLC Announces August 10, 2018 Deadline in Shareholder Class Action Lawsuit Against Switch, Inc.
RADNOR, PA / ACCESSWIRE / August 10, 2018 / Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Switch, Inc. (NYSE: SWCH) (“Switch” or the “Company”) on behalf of investors who purchased Switch’s common stock on or after the Company’s October 6, 2017 initial public offering (“IPO”) of stock.
FINAL DEADLINE ALERT: Investors who purchased Switch’s common stock on or after the Company’s IPO may, no later than August 10, 2018, seek to be appointed as a lead representative of the class. Switch investors are encouraged to immediately contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 or visit www.kaskelalaw.com/case/switch to learn how to participate in this action.
On or about October 6, 2017, Switch completed its IPO of common stock at $17.00 per share.
Among other things, the shareholder class action complaint alleges that defendants failed to disclose, at the time of the IPO, that: (i) Switch’s high capital expenditures to create high redundancy levels at its facilities were not as profitable as they once had been in the past; (ii) Switch had already spent an additional more than $64 million on unbudgeted capital expenditures during the third quarter of 2017 that was not disclosed to investors until after the IPO; (iii) Switch recognized $9.4 million in revenues during FY17 that it would not provide colocation services for until FY18, meaning its reported FY17 revenue growth and its FY18 revenue prospects were both overstated; and (iv) therefore, at the time of the IPO, Switch’s business and financial prospects were not what defendants had led the market to believe they were in the Registration Statement. The shareholder complaint further alleges that, as a result of the foregoing, investors purchased Switch common stock at artificially inflated prices, and seeks to recover investor losses.
For additional information about this action, including how to participate in the action, please contact Kaskela Law LLC. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC visit www.kaskelalaw.com.
SOURCE: Kaskela Law LLC