BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the July 10, 2017 deadline to file a lead plaintiff motion in the class action 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 in this class action.
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 request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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