On or around 01/29/2020 (Date of last review)
Filing Date: September 19, 2019
According to the Complaint, Slack Technologies, Inc. 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.
In June 2019, Slack went public through the Offering of its Class A common stock with a reference price of $26.00.
The Complaint alleges that the Registration Statement filed with the SEC was false and misleading and omitted to state material adverse facts. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company’s Slack Platform was susceptible to recurring service-level disruptions; (2) that such disruptions were increasingly likely to occur as the Company scaled its services to a larger user base; (3) that the Company provides credits even if a customer was not specifically affected by service-level disruptions; (4) that, as a result, any service-level disruptions would have a material adverse impact on the Company’s financial results; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Plaintiff filed an amended Complaint on January 6, 2020. On January 8, the Court issued an Order appointing Lead Plaintiff and Counsel.
Company & Securities Information
Defendant: Slack Technologies, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: WORK
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
Tyler Dennee, et al. v. Slack Technologies, Inc., et al.