NEW YORK, May 23, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of International Business Machines Corporation (“IBM” or the “Company”) (NYSE: IBM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether IBM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 16, 2018, IBM issued a press release announcing its preliminary results for its third quarter of 2018. The Company reported revenue of $18.8 billion, down 2%, and slowing growth in its “Strategic Imperatives” line of business.
On this news, IBM’s stock price fell $11.07 per share, or 7.6%, to close at $134.05 per share on October 17, 2018.
Then, on October 20, 2021, IBM issued a press release announcing its results for its third quarter of 2021. The Company announced total revenues for the quarter of $17.62 billion, a shortfall of $191.84 million based on analyst estimates. The main culprit was the Cloud & Cognitive Software segment, which had revenues of $5.69 billion, a shortfall of approximately $80 million based on analyst estimates of $5.77 billion. Over 42% of the shortfall of approximately $190 million was attributable to Cloud & Cognitive Software (including IBM’s Watson business), the segment where most of the strategic revenue produced by the Company’s reclassification of revenues from non-strategic to strategic historically went.
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On this news, IBM’s stock price fell $12.80 per share, or 9.56%, to close at $121.07 per share on October 21, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
