NEW YORK, June 13, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Switch, Inc. ("Switch" or the "Company") (NYSE: SWCH). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Switch and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around October 6, 2017, Switch completed its initial public offering ("IPO"), priced at $17.00 per share. On April 2, 2018, Switch issued a press release announcing the Company's financial and operating results for the quarter and year ended December 31, 2017. Switch disclosed that the Company had incurred "[c]apital expenditures of $402.6 million, compared to $287.1 million in 2016, an increase of 40%," a faster year-to-year growth rate than Switch's revenue. During a conference call discussing Switch's financial and operating results, Switch's Chief Financial Officer stated that the Company faced "a bit of a sequential growth challenge" with respect to revenue. On this news, Switch's Class A common stock price fell $2.48, or 15.65%, to close at $13.37 on April 3, 2018. Since the Company's IPO, Switch's Class A stock price has fallen from $17.00 to less than $13.00, a decline of nearly 24%.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP