SAN DIEGO, CA / ACCESSWIRE / September 17, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in Slack Technologies, Inc. (NYSE:WORK) shares.
Investors, who purchased shares of Slack Technologies, Inc. (NYSE:WORK), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
San Francisco, CA based Slack Technologies, Inc. operates Slack, a business technology software platform in the United States and internationally. On or about June 20, 2019, Slack Technologies, Inc sold 118.4 million shares of stock in its initial public stock offering (the "IPO"), at $38.50 a share raising $ 4,559,541,140 in new capital.
The plaintiff alleges that the Registration Statement and Prospectus that were filed with the SEC on June 20, 2019 in connection with the IPO of Slack Technologies, Inc contained materially incorrect or misleading statements and/or omitted material information that was required by law to be disclosed. The plaintiff claims that unbeknownst to investors the representations in the Registration Statement and Prospectus that were in connection with the IPO of Slack Technologies, Inc were materially inaccurate, misleading, and/or incomplete because they failed to disclose, that Slack Technologies, Inc’s “go-to-market” strategy was generating few paid subscriptions, which caused revenues to stall (or decline) and losses from heavy investments in sales and marketing to balloon, and that at the time of the Offering, customers and prospects were increasingly ditching Slack for competitive products, such as Microsoft Teams, or were electing not to transition away from Slack’s free version to its paid subscription, both of which were putting significant dent in Slack’s revenues and billings growth prospects.
On September 4, 2019, Slack Technologies, Inc reported second-quarter fiscal 2019 results and issued its financial outlook for its third quarter and full fiscal year 2020.
Shares of Slack Technologies, Inc. (NYSE:WORK) declined from $38.50 per share on June 20, 109 to $24.20 per share on September 16, 2019.
Those, who purchased shares of Slack Technologies, Inc. (NYSE:WORK), should contact the Shareholders Foundation, Inc.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.
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