SAN DIEGO, CA / ACCESSWIRE / October 28, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in Domo, Inc. (NASDAQ:DOMO) shares.
Investors, who purchased shares of Domo, Inc. (NASDAQ:DOMO), have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On or about June 29, 2018, Domo, Inc sold 9.2 million shares of stock in its initial public stock offering (the "IPO"), at $21 a share raising $193,200,000 in new capital.
On June 29, 2018, Domo, Inc. filed a prospectus in connection with the IPO, which incorporated and formed part of the Registration Statement.
On September 5, 2019, during after-market hours, Domo, Inc. announced its financial results for the second quarter of 2020. Although Domo, Inc. reported positive earnings news, the Company also provided guidance for the third quarter and full fiscal year 2020 that fell short of market expectations. Specifically, Domo, Inc. revealed to investors that they expected third-quarter revenue of $41.5-42.5 million versus a consensus of $44.2 million and a loss of $1.04-1.00 per share versus a consensus of a $0.91 loss per share. Additionally, Domo, Inc. revealed a full year 2020 view with revenue of $168-169 million versus a consensus of $173.7 million, and a loss of $4.10-4.00 per share versus a consensus of a $3.82 loss per share. Then, on September 6, 2019, during pre-market hours, JMP Securities dropped its Domo, Inc. target by $10.00 to $37.00, citing the "disappointing" report and guidance, weakness in Domo's enterprise and international businesses, and billings growth that was about half of what was expected.
The plaintiff alleges that the Offering Documents which were filed in connection with the company's IPO and that the Defendants made false and/or misleading statements and/or failed to disclose that Domo was experiencing weakness in its enterprise and international businesses, that Domo's billings growth had dramatically slowed, that all of the foregoing was reasonably likely to have a material negative impact on the Company's financial results, and that as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein and the Company's public statements were materially false and misleading at all relevant times.
Those who purchased Domo, Inc. (NASDAQ: DOMO) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.