RXT Lawsuit Alert: Rackspace Technology Investors Face September 28 Deadline After 33% Stock Drop Tied to AI Effort Issues
Bleichmar Fonti & Auld LLP announced a securities fraud class action against Rackspace Technology and certain senior executives, pending in the U.S. District Court for the Southern District of New York as Morgan-Reed v. Rackspace Technology, Inc., No. 26-cv-6491.
Key figures
- Guidance
- FY2026 revenue guidance cut by $150 million and FY2026 Private Cloud revenue outlook cut by $25 million (disclosed July 9, 2026, per the complaint allegations)
- Court
- U.S. District Court for the Southern District of New York
- Case number
- 26-cv-6491
- Stock drop pct
- 33.6%
- Prior close usd
- 6.58
- Post drop close usd
- 4.37
- Stock drop per share
- 2.21
- Lead plaintiff deadline
- September 28, 2026
- Private cloud outlook cut usd
- 25000000
- Fy2026 revenue guidance cut usd
- 150000000
AI analysis
Red flags2 · Pro
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.