PUBLISHED ONJanuary 02, 2023 3:11 AM
NEW YORK, Jan. 01, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Rackspace Technology, Inc. (“Rackspace” or the “Company”) (NASDAQ: RXT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Rackspace and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 3, 2022, Rackspace disclosed that it proactively powered down its Hosted Exchange environment after discovering a security incident. On December 5, 2022, Rackspace provided an update, stating that it had “successfully restored email services to thousands of customers on Microsoft 365 and continue[s] to make progress on restoring email service to every affected customer.”
Following these disclosures, Rackspace’s stock price fell $0.75 per share, or 15.46%, to close at $4.10 per share on December 5, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
