LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Rackspace Hosting, Inc. (“Rackspace” or the “Company”) (NYSE: RAX) securities between November 11, 2014 and August 10, 2015, inclusive (the “Class Period”). Rackspace investors have until July 10, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Rackspace investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
According to the complaint filed in this class action lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Vodafone initiated extensive data migration away from Rackspace servers, signaling Vodafone’s intent to replace Rackspace with alternative providers on the contract’s April 1, 2015 expiration date; (2) the failure to secure a renewal of the Vodafone Contract would have a significant near-term financial impact on Rackspace’s 2015 recurring revenues; and (3) as a result, defendants lacked a reasonable basis for their positive statements about Rackspace and its growth prospects.
If you purchased shares of Rackspace during the Class Period you may move the Court no later than July 10, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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