NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising --Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Switch, Inc. ("Switch" or the "Company") (NYSE: SWCH ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Switch Class A common stock pursuant to and/or traceable to Switch’s Initial Public Offering (“IPO”) commenced on or around October 6, 2017.
Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/swch .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Switch’s Grand Rapids and Atlanta facilities would never be as profitable as its Las Vegas facility, diminishing the yield on Switch’s recent capital expenditures acquiring and building out those facilities will bear; (2) Switch’s high capital expenditures to create high redundancy levels at its facilities were not as profitable as they once had been in the past; (3) Switch had already spent an additional more than $64 million on unbudgeted capital expenditures during the third quarter of 2017 that was not disclosed to investors until after the IPO; (4) Switch recognized $9.4 million in revenues during FY17 that it would not provide colocation services for until FY18, meaning its reported FY17 revenue growth and its FY18 revenue prospects were both overstated; (5) eBay, Switch’s largest colocation customer, would not be taking possession of colocation space it had reserved at Switch’s Tahoe/Reno facility in early 2018; and (6) as a result of the foregoing, at the time of the IPO, Switch’s business and financial prospects were not what defendants had led the market to believe they were in the Registration Statement.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/swch or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Switch you have until August 10, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
