BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the August 10, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Switch, Inc. (“Switch” or the “Company”) (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. Switch investors have until August 10, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Switch investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
The complaint filed in this class action alleges that 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.
If you purchased shares of Switch in connection with the IPO you may move the Court no later than August 10, 2018 to ask the Court to appoint you as lead plaintiff. 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 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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