SAN DIEGO, March 01, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP notifies investors of Snowflake Inc. (NYSE: SNOW) that a securities class action lawsuit has been filed.
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The Snowflake class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake’s products and services; (ii) Snowflake had provided significant discounts to its customers prior to its initial public offering (“IPO”) that temporarily boosted sales but would not be sustainable after the IPO and/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake’s revenue and profit margins; (iii) as a result, Snowflake’s customers were poised to roll over a material amount of unused credits (and thereby cannibalize future sales) at the end of their contracts’ terms or to refuse to renew their contracts at prior consumption levels or at all; and (iv) consequently, Snowflake’s product revenue and remaining performance obligations had been artificially inflated leading up to and during the Class Period. The lawsuit seeks to recover losses on behalf of investors who acquired securities between September 16, 2020 and March 2, 2022. Investors have until April 29, 2024, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
What can Investors Do: Shareholders who incurred losses during the class period have until April 29, 2024, to move the court to become the lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. There is no cost or obligation to you.
If you suffered substantial losses and wish to serve as lead plaintiff in the Snowflake class action lawsuit, please provide your information here:
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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