NEW ORLEANS, May 15, 2020 /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 Zuora, Inc. (NYSE: ZUO).
Leading up to its April 2018 initial public offering ("IPO") and thereafter, the Company repeatedly marketed its two flagship software products, Billing and RevPro, as a functional, integrated, and seamless financial management solution for online subscription order-to-cash services, emphasizing to investors the cross-selling value of the two products. Despite its prior representations, on May 30, 2019, the Company disclosed dismal 1Q2020 financial results and lowered guidance, due to "execution headwinds," including challenges and delays with the integration of Billing and RevPro, and likewise, the Company's ability to effectively cross-sell between the two products.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court in that case denied the Company's motion to dismiss, allowing the case to move forward.
KSF's investigation is focusing on whether Zuora's officers and/or directors breached their fiduciary duties to Zuora's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Zuora shares and would like to discuss your legal rights, 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]), or visit https://www.ksfcounsel.com/cases/nyse-zuo/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.