SAN DIEGO, March 12, 2020 /PRNewswire/ -- Shareholder
Rights Law Firm Johnson Fistel, LLP, is investigating potential
claims against Zuora, Inc. ("Zuora" or the "Company") (NYSE: ZUO)
for violations of federal securities laws.
On March 12, 2020, reported
fourth-quarter fiscal 2020 financial results. Total revenue was
$70.4 million, and GAAP loss from
operations was 21 cents a share.
Analysts had forecast a loss of 10
cents a share on revenue of $71.9
million. Zuora also said its financial chief officer,
Tyler Sloat, was resigning.
Last year a class-action lawsuit was filed on behalf of
purchasers of the securities of Zuora from April 12, 2018 through May
30, 2019, inclusive. (the "Class Period"). According to the
lawsuit, defendants throughout the Class Period made false and/or
misleading statements and/or failed to disclose that: (1) Zuora
would focus on implementing RevPro for new customers ahead of the
deadline to comply with accounting standard ASC 606; (2) Zuora
lacked adequate resources to integrate RevPro with the core
business; (3) Zuora would focus on RevPro integration a year after
the acquisition closed; (4) delays in integrating RevPro would
materially impact the business; (5) the market for RevPro was
limited to customers seeking to implement new accounting standards
such as ASC 606; (6) after the deadline for ASC 606 compliance
passed, demand for RevPro was reasonably likely to decline; and (7)
as a result of the foregoing, defendants' positive statements about
Zuora's business, operations, and prospects were materially
misleading and/or lacked a reasonable basis. When the true details
entered the market, the lawsuit claims that investors suffered
damages.
If you are a current, long-term shareholder of
Zuora, you may have standing to hold the
Company harmless from the alleged harm caused by the officers and
directors of the Company by making them personally responsible. You
may also be able to assist in reforming the Company's corporate
governance to prevent future wrongdoing.
If you are interested in learning more about the
investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at
619-814-4471. If emailing, please include a phone
number.
Additionally, you can [Click here to join this action]. There is
no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past
results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP