LOS ANGELES, Nov. 03, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises SAP SE ("SAP" or the "Company") (NYSE: SAP) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: firstname.lastname@example.org, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors concerning the Company’s declining licensing revenues.
On October 25, 2020, the Company announced its third quarter 2020 financial results, reporting that total revenue declined 4% year-over-year. SAP also stated that software license revenue fell 23% year-over-year, while cloud revenue grew 11% year-over-year. The Company also lowered its fiscal 2020 guidance, expecting between €8.0 and 8.2 billion cloud revenue, compared to prior guidance of cloud revenue between €8.3 and 8.7 billion.
On this news, SAP's share price fell $34.66, or 23%, to close at $115.02 per share on October 26, 2020, on unusually heavy trading volume.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
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