Join The Class Action Suit
Company: Zuora, Inc.
Kaskela Law LLC is investigating Zuora, Inc. (NYSE: ZUO) (“Zuora” or the “Company”) on behalf of the Company’s stockholders.
In November 2019, a securities fraud complaint was filed against Zuora in federal court on behalf of certain purchasers of Zuora’s common stock. Among other things, the complaint alleged that Zuora and certain executive officers violated the federal securities laws by making a series of materially false and misleading statements to investors between April 2018 and May 2019 concerning Zuora’s business, operations, and prospects.
As detailed in the complaint, on May 30, 2019, Zuora “announced declining revenue growth and slashed its fiscal 2020 revenue guidance to a range of $268 million to $278 million, from prior guidance of $289 million to $293.5 million.” Additionally, Zuora disclosed that product integration for certain of the Company’s core products was “taking longer than expected,” and reported that certain sales execution problems had slowed down its ability to cross-sell its products, which “resulted in lower professional services and subscription revenue in the quarter.” Following this news, shares of Zuora’s common stock declined $5.91 per share, or nearly 30% in value, to close on May 30, 2019 at $13.99 per share, on heavy trading volume.
The investigation seeks to determine whether the members of Zuora’s board of directors breached their fiduciary duties in connection with the above.
Current Zuora stockholders who purchased or acquired shares of the Company’s stock prior to January 1, 2019 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, to discuss this investigation and their legal rights and options.