Hagens Berman Probes IBM Over Q2 Mainframe Revenue Collapse
San Francisco – September 15, 2026 -- Shareholder rights firm Hagens Berman is investigating International Business Machines Corporation (NYSE: IBM) for potential securities law violations after CEO Arvind Krishna disclosed a Q2 2026 earnings shortfall on July 14, 2026 that wiped out over $68 billion in market capitalization in a single trading day, sending IBM shares down 25%.
IBM's Z mainframe business drove a sudden reversal from prior growth guidance
On April 22, 2026, IBM reported quarterly revenue gains of 15% in Infrastructure, 28% in Hybrid Infrastructure, and 51% in IBM Z, with management projecting constant-currency revenue growth of "5-plus percent" for 2026 and a similar growth rate for the second quarter. Executives at the time called it a "tremendous start" and a "record start" for the z17 mainframe, launched in April 2025 as IBM's flagship system for large-scale AI processing.