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On November 2, 2022, Rapid7 (RPD) reported financial results and cut its revenue outlook as a planned transition in the responsibilities of its salesforce is taking longer than expected.
The Company slashed its 2022's revenue guidance to a range of $711-$717 million, down from a prior outlook set at between $740-$750 million.
On this news, RPD shares declined 22.73%, losing over $0.5 billion of its market capitalization.
CEO Corey Thomas told analysts, among other things, that the ongoing transition from fragmented sales teams focused on selling single products to a more unified salesforce is taking longer than expected.
Taking previous representations into account, investors have reason to suspect that the Leaders of Rapid7 provided information not in a prudent way, misleading the Company's shareholders.
Failure to Disclose,
Shock Event Date
02 November 2022