![]() ![]() If you are a member of the class, you may, no later than November 18, 2019, request that the Court appoint you as lead plaintiff of the class. ![]() Specifically, the defendants failed to disclose to investors that: (1) Slack's platform was susceptible to recurring service-level disruptions (2) such disruptions were increasingly likely to occur as Slack scaled its services to a larger user base (3) Slack provides credits even if a customer was not specifically affected by service-level disruptions (4) as a result, any service-level disruptions would have a material adverse impact on Slack's financial results and (5) as a result of the foregoing, the defendants' positive statements about Slack's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. The complaint alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. In a press release, Slack stated, in part, "Revenue was negatively impacted by $8.2 million of credits related to service level disruption in the quarter." On a conference call to discuss the results, Stewart Butterfield, Slack's Chief Executive Officer, stated that the disruptions were attributable, at least distantly, to issues with scaling Slack's services to encompass a greater user-load.įollowing this news, Slack's share price fell $3.69 per share, nearly 12%, over two consecutive trading sessions to close at $27.38 per share on September 6, 2019. On September 4, 2019, Slack reported its second-quarter fiscal 2019 results and issued guidance for the third quarter, expecting a wider loss than analysts predicted. According to the Registration Statement, the resale of Slack's stock was not underwritten by any investment bank and the registered stockholders would purportedly elect whether or not to sell their shares. Slack registered for the resale of up to 118,429,640 shares of Class A common stock by registered shareholders at a reference price of $26.00. On June 20, 2019, Slack filed its prospectus on a Form 424B4 with the SEC, which forms part of the Registration Statement. Slack offers a business technology platform that allows users to share and aggregate information from other software, take action on notifications, and advance workflows in a multitude of third-party applications. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here. If you purchased shares of Slack and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Slack shareholders may, no later than November 18, 2019, move the Court for appointment as a lead plaintiff of the Class. ![]()
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