The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Zuora, Inc. (NYSE: ZUO) who purchased shares between April 12, 2018 and May 30, 2019. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Zuora lawsuit alleges that (1) the Company would focus on implementing RevPro for new customers ahead of the deadline to comply with accounting standard ASC 606; (2) as a result, the Company lacked adequate resources to integrate RevPro with the core business; (3) the Company 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 the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until August 13, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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