Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 10/17/2019 (Date of last review)

Filing Date: October 17, 2019

According to the Complaint, Domo operates a cloud-based platform in the United States that purportedly digitally connects everyone from the chief executive officer to the frontline employee with the people, data, and systems in an organization, giving them access to real-time data and insights, and allowing them to manage business from smartphones.

On June 1, 2018, Domo filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after amendment, was declared effective by the SEC on June 28, 2018.

On June 29, 2018, Domo filed a prospectus in connection with the IPO on Form 424B4, which incorporated and formed part of the Registration Statement. On or around June 29, 2018, pursuant to the IPO, Domo’s Class B common stock began trading on the NASDAQ.

On July 3, 2018, Domo closed the IPO, in which the Company issued and sold 10,580,000 shares of Class B common stock at $21.00 per share for aggregate net proceeds of $202.5 million, after deducting underwriters’ discounts and offering expenses payable by the Company.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Domo was experiencing weakness in its enterprise and international businesses; (ii) Domo’s billings growth had dramatically slowed; (iii) all of the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (iv) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein and the Company’s public statements were materially false and misleading at all relevant times.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: DOMO
Company Market: NASDAQ
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. Utah
DOCKET #: 19-CV-00781
JUDGE: Hon. Dale A. Kimball
DATE FILED: 10/17/2019
CLASS PERIOD START: 06/28/2018
CLASS PERIOD END: 09/05/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
  2. Peters Scofield
  3. Pomerantz LLP (New York)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available