Investigation announced for Long-Term Investors in shares of Rackspace Technology, Inc. (NASDAQ: RXT)

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Rackspace Technology, Inc.

Investors who purchased shares of Rackspace Technology, Inc. (NASDAQ: RXT) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Rackspace Technology directors breached their fiduciary duties and caused damage to the company and its shareholders.

San Antonio, TX based Rackspace Technology, Inc. operates as a multi cloud technology services company worldwide. It operates through Multicloud Services and Apps & Cross Platform segments.
On or around August 5, 2020, Rackspace Technology, Inc. conducted its initial public offering ("IPO"), selling 33.5 million shares of common stock priced at $21.00 per share.

Then, on May 10, 2021, Rackspace Technology, Inc. reported the Company's financial results for the first quarter of 2021 and issued a forecast for the second quarter and full year. Rackspace Technology, Inc. reported a first-quarter loss of $64 million, or $0.31 per share, compared with a loss of $48.2 million, or $0.29 per share. Rackspace Technology, Inc. also forecast adjusted second-quarter earnings of $0.21 to $0.23 per share on revenue of $735 million to $745 million, compared to analyst expectations of $0.23 per share on revenue of $733.9 million, and full-year adjusted earnings of $0.95 to $1.05 per share on revenue of $2.0 billion to $3.1 billion, compared to analyst forecasts of $1.01 per share on revenue of $3.02 billion.

Shares of Rackspace Technology, Inc. (NASDAQ: RXT) declined from $25.93 per share on April 20, 2021, to as low as $17.26 per share on May 11, 2021.

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

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 lawsuits, 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.