Thieler Law Corp advises investors with losses exceeding $100,000 of the August 13, 2019 lead plaintiff deadline in a class action lawsuit filed against Zuora Inc (NYSE: ZUO) (“Zuora Inc” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of California and investors, who purchased Zuora Inc securities between April 12, 2018 and May 30, 2019, have until August 13, 2019 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Zuora Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that Zuora would focus on implementing RevPro for new customers ahead of the deadline to comply with accounting standard ASC 606; Zuora lacked adequate resources to integrate RevPro with the core business; Zuora would focus on RevPro integration a year after the acquisition closed; delays in integrating RevPro would materially impact the business; the market for RevPro was limited to customers seeking to implement new accounting standards such as ASC 606; after the deadline for ASC 606 compliance passed, demand for RevPro was reasonably likely to decline; and 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.

In May 2017, the Company acquired Leeyo Software Inc., thereby acquiring a revenue recognition automation product that the Company subsequently renamed Zuora RevPro ("RevPro"). 

On May 30, 2019, the Company lowered its fiscal 2020 revenue guidance to a range of $268 million to $278 million, down significantly from prior guidance of $289 million to $293.5 million, citing problems integrating RevPro, as well as sales execution problems.

Following this news, NYSE: ZUO fell $5.91 per share, nearly 30%, to close at $13.99 per share on May 31, 2019.

If you were negatively impacted by your investment in Zuora Inc securities between April 12, 2018 and May 30, 2019 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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