Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Sprinklr, Inc. ("Sprinklr" or the "Company") (NYSE: CXM) investors of a class action representing investors that bought securities between March 29, 2023 and June 5, 2024, inclusive (the "Class Period"). Sprinklr investors have until October 15, 2024 to file a lead plaintiff motion.
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. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint alleges that during the class period, Defendants made overly positive statements to investors while hiding significant problems with scaling in the Contact Center as a Service (CCaaS) market and issues affecting growth in Sprinklr’s core products. This led investors to buy Sprinklr’s securities at inflated prices.
On December 6, 2023, after a press release highlighting strong third-quarter earnings, Sprinklr’s earnings call revealed a decrease in the number of customers spending over $1 million, which was attributed to macroeconomic conditions. Additionally, Sprinklr lowered its growth estimates for the fourth quarter and fiscal year 2025 from 16% to 10%. This news caused Sprinklr’s stock price to drop more than 33%, closing at $11.11 on December 7, 2023.
The Plaintiff claims that Defendants continued to mislead investors about growth prospects. On June 5, 2024, Sprinklr reduced its fiscal year 2025 growth forecast further, down to just 7%, citing lower customer retention and macroeconomic challenges. Following this announcement, Sprinklr’s stock fell from $10.84 per share on June 5, 2024, to $9.20 per share on June 6, 2024, a drop of over 15%.
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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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