A lawsuit was filed on behalf of investors in Switch, Inc. (NYSE: SWCH) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/26/2018 -- An investor, who purchased shares of Switch, Inc. (NYSE: SWCH), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged Securities Laws violations by Switch, Inc. in connection with Switch's Initial Public Offering ("IPO") commenced on or around October 6, 2017.
Investors who purchased shares of Switch, Inc. (NYSE: SWCH), have certain options and for certain investors are short and strict deadlines running. Deadline: August 10, 2018. NYSE: SWCH investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Switch, Inc. (NYSE: SWCH) common shares that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made false and/or misleading statements and/or failed to disclose that Switch's Grand Rapids and Atlanta facilities would never be as profitable as its Las Vegas facility, diminishing the yield on Switch's recent capital expenditures acquiring and building out those facilities will bear, that 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, that 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, that 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, that eBay, Switch's largest colocation customer, would not be taking possession of colocation space it had reserved at Switch's Tahoe/Reno facility in early 2018, and that as a result of the foregoing, 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
Those who purchased shares of Switch, Inc. (NYSE: SWCH) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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