DEADLINE AUGUST 10: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Switch, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
LOS ANGELES--(BUSINESS WIRE)--Aug 9, 2018--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Switch, Inc. (“Switch” or “the Company”) (NYSE: SWCH ) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with Switch’s initial public offering on or about October 6, 2017 (the “IPO”), are encouraged to contact the firm before August 10, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market throughout the class period. Switch failed to inform the marketplace that it knew its new locations would not reach the profitability of its primary Las Vegas location. High capital expenditures for redundancy were no longer as profitable as they had been in the past. Switch spent at unbudgeted $64 million on capital projects not disclosed to investors until after the IPO. The Company recognized $9.4 million in revenue for fiscal year 2017 for services it would not provide until 2018, resulting in overstated financial reporting for the year. According to the lawsuit, when accurate information about Switch became apparent in the market, investors suffered damages.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180809005637/en/
CONTACT: The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: The Schall Law Firm
Copyright Business Wire 2018.
PUB: 08/09/2018 01:18 PM/DISC: 08/09/2018 01:18 PM