Lawsuit filed for Investors in shares of Domo, Inc. (NASDAQ: DOMO)

An investor, who purchased shares of Domo, Inc. (NASDAQ: DOMO), filed a lawsuit over alleged violations of Federal Securities Laws by Domo, Inc. in connection with the Company’s initial public offering (“IPO” or “Offering”)

Investors who purchased shares of Domo, Inc. (NASDAQ: DOMO) have certain options and for certain investors are short and strict deadlines running. Deadline: December 16, 2019. Domo, Inc. (NASDAQ: DOMO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

American Fork, UT based Domo, Inc. operates a cloud-based platform in the United States. Domo, Inc. reported that its total Revenue rose from $74.54 million for the 12 months period that ended on January 31, 2017 to $108.52 million for the 12 months period that ended on January 31, 2018, and that Net Loss over those respective time periods declined from $183.12 million to $176.56 million. On or about June 29, 2018, Domo, Inc sold 9.2 million shares of stock in its initial public stock offering (the "IPO"), at $21 a share raising $193,200,000 in new capital.

On June 29, 2018, Domo, Inc. filed a prospectus in connection with the IPO, which incorporated and formed part of the Registration Statement..

On July 3, 2018, Domo, Inc. closed the IPO, in which the Company issued and sold 10,580,000 shares of Class B common stock at $21.00 per share.

On September 5, 2019, during after-market hours, Domo, Inc. announced its financial results for the second quarter of 2020. Although Domo, Inc. reported positive earnings news, the Company also provided guidance for the third quarter and full fiscal year 2020 that fell short of market expectations. Specifically, Domo, Inc. revealed to investors that they expected third-quarter revenue of $41.5-42.5 million versus a consensus of $44.2 million and a loss of $1.04-1.00 per share versus a consensus of a $0.91 loss per share. Additionally, Domo, Inc. revealed a full year 2020 view with revenue of $168-169 million versus a consensus of $173.7 million, and a loss of $4.10-4.00 per share versus a consensus of a $3.82 loss per share.
Then, on September 6, 2019, during pre-market hours, JMP Securities dropped its Domo, Inc. target by $10.00 to $37.00, citing the “disappointing” report and guidance, weakness in Domo’s enterprise and international businesses, and billings growth that was about half of what was expected.

Shares of Domo, Inc. (NASDAQ: DOMO) declined to as low as $14.80 per share on October 2, 2019.

The plaintiff claims that the Offering Documents which were filed in connection with the company’s IPO and that the Defendants made false and/or misleading statements and/or failed to disclose that Domo was experiencing weakness in its enterprise and international businesses, that Domo’s billings growth had dramatically slowed, that all of the foregoing was reasonably likely to have a material negative impact on the Company’s financial results, and that 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.

Those who purchased shares of Domo, Inc. (NASDAQ: DOMO) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.