San Diego, CA -- (SBWIRE) -- 05/25/2021 -- Rackspace Technology, Inc is under investigation over potential securities laws violations in connection with certain financial statements.

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 focuses on whether a series of statements by Rackspace Technology, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, 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, investigation, and/or settlements are not filed/reached and/or 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.