NEW ORLEANS, April 27, 2015 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into MobileIron, Inc. (NasdaqGS: MOBL).
On April 22, 2015, MobileIron announced its first quarter 2015 preliminary results, revealing that the Company expects to report revenue of $32-33 million, below its previous guidance of $34-$37 million and analysts' expectations of $36.26 million, and gross billings of $35.5-$37 million, below its previous guidance of $40-$42 million. The Company stated that, "Near the end of the quarter, we witnessed multiple large deals from North American customers that did not close as expected. Further, we saw a large shift by customers to our monthly subscription offering, which resulted in lower billings and revenue." MobileIron also announced that its Chief Financial Officer will be resigning.
On this news, the price of MobileIron's shares plummeted by over 25% and the Company was downgraded.
KSF's investigation is focusing on whether MobileIron and/or its officers and directors violated state or federal securities laws.
If you are a MobileIron shareholder who purchased your shares pursuant or traceable to the Company's initial public offering on June 12, 2014 and has suffered losses related to your investment or have information that would assist KSF in its investigation, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York, California and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC