NEW YORK, NY / ACCESSWIRE / July 12, 2018 /Pawar Law Groupreminds shareholders who purchased shares of Switch, Inc. (NYSE: SWCH) Class A common stock pursuant to and/or traceable to Switch's Initial Public Offering ("IPO") commenced on or around October 6, 2017 of the important August 10, 2018 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Switch investors under the federal securities laws.
To join the Switch class action, go to http://pawarlawgroup.com/cases/switch-inc/ or call Vik Pawar, Esq. toll-free at 888-589-9804 or email vik@pawarlawgroup.com for information on the class action.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. You may also remain an absent class member and do nothing at this point. You may retain counsel of your choice.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) 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; (4) 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; (5) 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 (6) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://pawarlawgroup.com/cases/switch-inc/ to join the class action. You may also contactVik PawarofPawar Law Grouptoll free at888-589-9804 or via email at vik@pawarlawgroup.com.
Pawar Law Grouprepresents from around the world.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact:
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938
info@pawarlawgroup.com
SOURCE: Pawar Law Group
