NEW YORK, May 17, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Switch, Inc. ("Switch" or the "Company") (NYSE :SWCH ), a company that constructs, operates and manages data centers.
On or about October 6, 2017, Switch sold 31,250,000 million shares of stock at $17 per share in its initial public stock offering ("IPO") for gross proceeds of over $531 million without including the underwriters' option to purchase an additional 4,687,500 shares.
On April 2, 2018 after the market closed, Switch reported its fourth quarter and 2017 financial results for the quarter and the year ended December 31, 2017. The Company reported total revenue of $378.3 million, compared to $318.4 million in 2016, an increase of 19%. However, the Company's fiscal 2018 revenue guidance of $423-$440 million suggested year over year growth of only 12-16% compared to the 19% growth in 2017.
On April 3, 2018, shares of Switch's common stock fell by $2.48 per share, or 15.65%, to close at $13.37 per share.
Then, on May 14, 2018, after the market closed, Switch reported its first quarter financial results for the quarter ended March 31, 2018. Among other things, Switch reported first quarter revenue of $97.7 million, less than the $99.3 million of revenue in the fourth quarter ended December 31, 2017. During the conference call to discuss the first quarter results, Thomas Morton, Switch's President and General Counsel, disclosed that "[o]ur first quarter results were somewhat impacted by several clients taking additional time to close while they considered their long-term deployments of newly engineered designs."
On May 15, 2018, shares of Switch's common stock fell by $2.31 per share, nearly 15%, to close at $13.16 per share.
If you are an investor in Switch and would like to discuss our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP