Case Page

 

Case Status:    ONGOING    
On or around 09/06/2018 (Ongoing date of last review)

Filing Date: June 11, 2018

According to the Complaint, this is a federal securities action on behalf of a class consisting of all persons who
purchased or otherwise acquired Switch Class A common stock pursuant to and/or traceable to the Company’s initial public offering commenced on or around October 6, 2017 (the “IPO” or the “Offering”) seeking to recover damages caused by Defendants’ violations of Sections 11, 12 and 15 of the Securities Act of 1933 (“Securities Act”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Switch’s Grand Rapids and Atlanta facilities would never be as profitable as its Las Vegas facility, diminishing the yield on Switch’s recent capital expenditures acquiring and building out those facilities will bear; (2) Switch’s high capital expenditures to create high redundancy levels at its facilities were not as profitable as they once had been in the past; (3) Switch had already spent an additional more than $64 million on unbudgeted capital expenditures during the third quarter of 2017 that was not disclosed to investors until after the IPO; (4) Switch recognized $9.4 million in revenues during FY17 that it would not provide colocation services for until FY18, meaning its reported FY17 revenue growth and its FY18 revenue prospects were both overstated; (5) eBay, Switch’s largest colocation customer, would not be taking possession of colocation space it had reserved at Switch’s Tahoe/Reno facility in early 2018; and (6) as a result of the foregoing, at the time of the IPO, Switch’s business and financial prospects were not what defendants had led the market to believe they were in the Registration Statement. When the true details entered the market, the lawsuit claims that investors suffered damages.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SWCH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 18-CV-10425
JUDGE: Hon. Anne E. Thompson
DATE FILED: 06/11/2018
CLASS PERIOD START: 10/06/2017
CLASS PERIOD END: 04/03/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm (South Orange)
    609 W. South Orange Avenue Suite 2P , The Rosen Law Firm (South Orange), NJ 07079
    (973) 313-1887 (973) 833-0399 ·
No Document Title Filing Date
COURT: D. Nevada
DOCKET #: 18-CV-01471
JUDGE: Hon. Anne E. Thompson
DATE FILED: 08/08/2018
CLASS PERIOD START: 10/06/2017
CLASS PERIOD END: 04/03/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date