Slack Technologies, Inc. (NYSE: WORK) Investor Securities Class Action Lawsuit 09/19/2019

If you purchased shares of Slack Technologies, Inc. (NYSE: WORK), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 18, 2019. NYSE: WORK investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Slack Technologies
Case Name: 
Slack Technologies Shareholder Class Action Lawsuit 09/19/2019
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 

An investor in shares of Slack Technologies, Inc. (NYSE: WORK) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Slack Technologies, Inc. in connection with Slack Technologies’ initial public stock offering.

San Francisco, CA based Slack Technologies, Inc. operates Slack, a business technology software platform in the United States and internationally. Slack Technologies, Inc. reported that its Total Revenue rose from $220.54 million for the 12 months period that ended on January 31, 2018 to $400.55 million for the 12 months period that ended on January 31, 2019.

On or about June 20, 2019, Slack Technologies, Inc sold 118.4 million shares of stock in its initial public stock offering (the "IPO"), at $38.50 a share raising $ 4,559,541,140 in new capital.

On September 4, 2019, Slack Technologies, Inc reported second-quarter fiscal 2019 results and issued its financial outlook for its third quarter and full fiscal year 2020.

Shares of Slack Technologies, Inc. (NYSE: WORK) declined to as low as $23.93 per share on September 3, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Slack Technologies, Inc. (NYSE: WORK), that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants failed to disclose to investors that the Company’s Slack Platform was susceptible to recurring service-level disruptions, that such disruptions were increasingly likely to occur as the Company scaled its services to a larger user base, that the Company provides credits even if a customer was not specifically affected by service-level disruptions, that, as a result, any service-level disruptions would have a material adverse impact on the Company’s financial results, and that, 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.