SAN DIEGO, June 17, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Teradata Corporation (NYSE: TDC) securities between February 13, 2023 and February 12, 2024, inclusive (the “Class Period”), have until August 13, 2024 to seek appointment as lead plaintiff of the Teradata class action lawsuit. Captioned Ostrander v. Teradata Corporation, No. 24-cv-01034 (S.D. Cal.), the Teradata class action lawsuit charges Teradata and certain of Teradata’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Teradata class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-teradata-corporation-class-action-lawsuit-tdc.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Teradata class action lawsuit must be filed with the court no later than August 13, 2024.
CASE ALLEGATIONS: Teradata provides a connected multi-cloud data platform for enterprise analytics.
The Teradata class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) under Teradata’s expanded business model, which involved engagement with additional customer business units and decision makers, transactions with Teradata’s customers took longer to finalize; (ii) Teradata thus overstated its ability to close customer transactions within their intended time frames under its expanded business model; (iii) Teradata failed to timely close several customer transactions that it had factored into its outlook for 2023 Annual Recurring Revenue (“ARR”) growth; and (iv) as a result, Teradata was unlikely to meet its full year 2023 Total and Public Cloud ARR expectations.
The Teradata class action lawsuit further alleges that on December 7, 2023, Teradata’s CFO, defendant Claire Bramley, revealed that Teradata had “an eight-figure deal that potentially . . . could get pushed out [of the fourth quarter of 2023],” the effect of which “could put [Teradata] towards the low end or slightly below the range for cloud ARR that [Teradata] previously gave.” On this news, the price of Teradata stock fell more than 6%, according to the complaint.
Then, on February 12, 2024, the Teradata class action lawsuit further alleges that Teradata stated that due to “deal timing issues” public cloud ARR increased by only 48% and total ARR increased by only 6% for the full year 2023, falling well short of Teradata’s previously issued expectations for these performance metrics. On this news, the price of Teradata stock fell nearly 22%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Teradata securities during the Class Period to seek appointment as lead plaintiff in the Teradata class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Teradata class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Teradata class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Teradata class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
