December 15, 2020 - The court granted the defendants' motion to dismiss.

July 9, 2020 - A motion to dismiss the amended complaint was filed.

May 22, 2020 - An amended complaint was filed.

October 17, 2019 - An investor in shares of Domo, Inc. (NASDAQ: DOMO) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by Domo, Inc. in connection with certain allegedly false and misleading statements made in connection with the Company’s initial public offering (“IPO” or “Offering”).

American Fork, UT based Domo, Inc. operates a cloud-based platform in the United States. Domo, Inc. reported that its total Revenue rose from $74.54 million for the 12 months period that ended on January 31, 2017 to $108.52 million for the 12 months period that ended on January 31, 2018, and that Net Loss over those respective time periods declined from $183.12 million to $176.56 million.

On or about June 29, 2018, Domo, Inc sold 9.2 million shares of stock in its initial public stock offering (the IPO ), at $21 a share raising $193,200,000 in new capital. On June 29, 2018, Domo, Inc. filed a prospectus in connection with the IPO, which incorporated and formed part of the Registration Statement.

On July 3, 2018, Domo, Inc. closed the IPO, in which the Company issued and sold 10,580,000 shares of Class B common stock at $21.00 per share.

On September 5, 2019, during after-market hours, Domo, Inc. announced its financial results for the second quarter of 2020. Although Domo, Inc. reported positive earnings news, the Company also provided guidance for the third quarter and full fiscal year 2020 that fell short of market expectations. Specifically, Domo, Inc. revealed to investors that they expected third-quarter revenue of $41.5-42.5 million versus a consensus of $44.2 million and a loss of $1.04-1.00 per share versus a consensus of a $0.91 loss per share.

Additionally, Domo, Inc. revealed a full year 2020 view with revenue of $168-169 million versus a consensus of $173.7 million, and a loss of $4.10-4.00 per share versus a consensus of a $3.82 loss per share. Then, on September 6, 2019, during pre-market hours, JMP Securities dropped its Domo, Inc. target by $10.00 to $37.00, citing the “disappointing” report and guidance, weakness in Domo’s enterprise and international businesses, and billings growth that was about half of what was expected. Shares of Domo, Inc. (NASDAQ: DOMO) declined to as low as $14.80 per share on October 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Domo, Inc. (NASDAQ: DOMO) common shares, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Offering Documents which were filed in connection with the company’s IPO and that the Defendants made false and/or misleading statements and/or failed to disclose that Domo was experiencing weakness in its enterprise and international businesses, that Domo’s billings growth had dramatically slowed, that all of the foregoing was reasonably likely to have a material negative impact on the Company’s financial results, and that as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein and the Company’s public statements were materially false and misleading at all relevant times.