LOS ANGELES–(BUSINESS WIRE)–$ZUO #classaction—Glancy
Prongay & Murray LLP (“GPM”) announces that it has filed a class
action lawsuit in the United States District Court for the Northern
District of California, captioned Roberts v. Zuora, Inc. et al.,
(Case No. 3:19-CV-03422), on behalf of persons and entities that
purchased or otherwise acquired Zuora, Inc. (NYSE: ZUO)
(“Zuora” or the “Company”) securities between April 12, 2018 and May
30, 2019, inclusive (the “Class Period”). Plaintiff pursues claims
under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
(the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of
this notice to move the Court to serve as lead plaintiff in this
action.
If you are a shareholder who suffered a loss, click here
to participate.
On May 30, 2019, the Company lowered its fiscal 2020 revenue guidance to
a range of $268 million to $278 million, from prior guidance of $289
million to $293.5 million, citing problems integrating RevPro, as well
as sales execution problems.
On this news, the Company’s share price fell $5.91, or nearly 30%, to
close at $13.99 on May 31, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company would
focus on implementing RevPro for new customers ahead of the deadline to
comply with accounting standard ASC 606; (2) that, as a result, the
Company lacked adequate resources to integrate RevPro with the core
business; (3) that the Company would focus on RevPro integration a year
after the acquisition closed; (4) that delays in integrating RevPro
would materially impact the business; (5) that the market for RevPro was
limited to customers seeking to implement new accounting standards such
as ASC 606; (6) that, after the deadline for ASC 606 compliance passed,
demand for RevPro was reasonably likely to decline; and (7) that, as a
result of the foregoing, Defendants’ positive statements about the
Company’s business, operations, and prospects were materially misleading
and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Zuora securities during the Class Period, you may move
the Court no later than 60 days from the date of this notice 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 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 protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
