BENSALEM, Pa.–(BUSINESS WIRE)–$DOMO–Law Offices of Howard G. Smith announces an investigation on behalf of Domo, Inc. (“Domo” or the “Company”) (NASDAQ: DOMO) investors concerning the Company and its officers’ possible violations of federal securities laws.
In June 2018, Domo held its initial public offering (“IPO”), selling approximately 10.58 million shares of Class B common stock for $21 per share.
On September 5, 2019, Domo provided guidance for the third quarter and full fiscal year 2020, expecting only $168 million to $169 million revenue for the full year.
Then, on September 6, 2019, JMP Securities cut its Domo price target by $10.00 to $37.00, citing the “disappointing” report and guidance, weakness in Domo’s enterprise and international businesses, and billings growth that was about half of what was expected.
On this news, Domo’s stock price fell $9.44 per share, or over 37%, to close at $15.77 per share on September 6, 2019, thereby injuring investors. Since the IPO, the Company’s shares have traded as low as $15.77 per share, or 25% below the IPO price of $21.00.
If you purchased Domo securities, have information or would like to learn more about these claims, or 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 protected], or visit our website at www.howardsmithlaw.com.
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