NEW YORK, March 23, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against (“Snowflake” or the “Company”) (NYSE: SNOW). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Snowflake and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 29, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Snowflake securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On March 2, 2022, Snowflake reported results for its fourth fiscal quarter ended January 31, 2022 and disappointing fiscal 2023 guidance. The Company’s product revenue growth rate for fiscal 2023 was projected to be slashed to a range of 65% to 67%, far below the triple-digit growth and purportedly ongoing favorable business trends that Snowflake and its officers had previously highlighted. On a related earnings call also held on March 2, 2022, Chief Financial Officer Michael P. Scarpelli revealed that Snowflake customers were consuming at a reduced rate, which he blamed on “platform enhancements . . . which lowered credit consumption.”
On this news, Snowflake’s stock price fell $40.67 per share, or 15.37%, to close at $224.02 per share on March 3, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
