Investors can contact the law firm for free to learn more about recovering their losses
LOS ANGELES, June 01, 2021 (GLOBE NEWSWIRE) – The Portnoy Law Office informs Rackspace Technology, Inc. (“Rackspace” or the “Company”) (NASDAQ: RXT) investors that the company has initiated an investigation into possible securities fraud and that it may commence a class action lawsuit on behalf of the investors.
Investors are encouraged to consult an attorney Lesley F. Portnoy, by phone 310-692-8883 or E-mail: firstname.lastname@example.org to discuss your legal rights, or Click here to join the case over www.portnoylaw.com. Portnoy law firm can provide a free case assessment and discuss investor options to recover their losses.
This investigation focuses on whether Rackspace has made misleading and / or false information and / or failed to disclose information about investors. On May 10, 2021, Rackspace announced its financial results for the first quarter of 2021. Rackspace reported a loss of $ 64 million, or $ 0.31 per share, for the first quarter and forecast adjusted earnings of $ 0.21 to $ 0.23 per share for the second quarter on revenue of 735 to $ 745 million. Rackspace also forecasts full year earnings of $ 0.95 to $ 1.05 per share on revenue of $ 2.0 billion to $ 3.1 billion, compared to analyst forecasts of $ 1.01 per share with sales of $ 3.02 billion. Rackspace shares fell more than 20% on the news the next day.
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Portnoy law firm represents investors in prosecuting claims arising from corporate misconduct. The company’s founding partner has recovered over $ 5.5 billion for aggrieved investors. Lawyer advertising. Previous results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Approved CA and NY bar