LOS ANGELES–(BUSINESS WIRE)–$DOMO—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Domo, Inc. (“Domo” or the “Company”) (NASDAQ: DOMO) (a) Domo common stock pursuant and/or traceable to the Company’s initial public offering (“IPO”) conducted on or around June 29, 2018; or (b) Domo securities between June 28, 2018 and September 5, 2019, inclusive (the “Class Period”). Domo investors have until December 16, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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, at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
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.
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 Domo was experiencing weakness in its enterprise and international businesses; (2) that Domo’s billings growth had dramatically slowed; (3) that all of the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (4) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Domo securities during the Class Period, you may move the Court no later than December 16, 2019 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@example.com, 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.