Rackspace Technology, Inc. Investors: Company Investigated by the Portnoy Law Firm

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, June 01, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Rackspace Technology, Inc. ("Rackspace" or the "Company") (NASDAQ: RXT) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

This investigation focuses on whether Rackspace issued misleading and/or false statements and/or failed to disclose information pertinent to investors. On May 10, 2021, Rackspace reported its first quarter 2021 financial results. Rackspace reported a first-quarter loss of $64 million, or $0.31 per share, forecasting adjusted second-quarter earnings of $0.21 to $0.23 per share on revenue of $735 million to $745 million. Rackspace also forecast full-year earnings of $0.95 to $1.05 per share on revenue of $2.0 billion to $3.1 billion, in comparison with analyst forecasts of $1.01 per share on revenue of $3.02 billion. Shares of Rackspace fell by more than 20% on the next day, based on this news.

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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar

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