San Diego, CA -- (SBWIRE) -- 06/21/2021 -- Certain directors of Rackspace Technology, Inc are under investigation over potential breaches of fiduciary duties.

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 concerns whether certain Rackspace Technology directors breached their fiduciary duties and caused damage to the company and its shareholders.

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.