Kehoe Law Firm, P.C. announces that it is conducting an investigation on behalf of MicroStrategy Incorporated (“MicroStrategy” or the “Company”) (NASDAQ: MSTR) investors concerning MicroStrategy and possible violations of federal securities laws.
If you are a MicroStrategy shareholder who has suffered a loss, please click Join a Securities Class Action or contact either John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the securities investigation.
On January 29, 2019, MicroStrategy disclosed that it expected to report a material weakness in its internal controls over financial reporting. Specifically, MicroStrategy reported that it “ . . . expects to report a material weakness in its internal control over financial reporting as of December 31, 2018 in its upcoming Annual Report on Form 10-K for the year ended December 31, 2018. The material weakness relates to general information technology controls in the areas of user access, program change-management and other matters impacting information technology systems that support MicroStrategy’s financial reporting processes.”
On this news, shares of MicroStrategy fell $10.90 per share, or approximately 8%, to close at $127.37 per share on January 30, 2019, thereby injuring investors.
On July 8, 2019, MicroStrategy announced the resignations of two senior executives, Kevin Norlin, Senior Executive Vice President, Worldwide Sales, and Stephen H. Holdridge, Senior Executive Vice President, Worldwide Services. MicroStrategy also stated that it began a search for a new Chief Financial Officer.
On this news, shares of MicroStrategy fell $14.31 per share, or greater than 10%, to close at $125.93 per share on July 8, 2019, thereby further injuring investors.