Investors can contact the law firm at no cost to learn more about recovering their losses.
LOS ANGELES, June 26, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Sprout Social, Inc. ("Sprout" or "the Company") (NASDAQ: SPT) investors who suffered substantial losses to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Investors who invested between November 2, 2023 and May 2, 2024, are encouraged to click here to participate in this case.
According to the Complaint, Sprout Social, Inc. is a software company which develops and operates a web-based social media management platform. The Company’s software offers a centralized platform for customers to manage social media outreach, including integrated tools for social engagement, publishing, reporting, and analytics. The Company generates revenue primarily from subscriptions to this social media management platform under a software-as-a-service model.
On August 3, 2023, the Company announced it had acquired Tagger Media, Inc., a leading influencer marketing and social intelligence platform used by enterprise brands and agencies. On September 27, 2023, the Company announced during its Investor Day that it would be “[a]ccelerating our outbound marketing & sales motion in enterprise” and focusing on mid-market and enterprise leadership.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) the Company’s sales and revenue growth were not indicative of the Company’s growth as it transitioned to an enterprise sales cycle; (2) that the Company faced integration challenges with its acquisition of Tagger; (3) as a result, the Company was “self inducing sales headwinds;” (4) as a result, the Company would revise fiscal year 2024 revenue guidance; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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