BOSTON, May 01, 2024 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Perion Network Ltd. (NASDAQ: PERI) and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the Southern District of New York and is captioned Beisner v. Perion Network Ltd., et al., No. 1:24-cv-02860 (S.D.N.Y.) and is brought on behalf of investors that incurred damages on their purchases in Perion Network Ltd. securities between February 9, 2021 and April 5, 2024, inclusive.
A class has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Investors who purchased Perion Network Ltd. shares between February 9, 2021 and April 5, 2024 and who have lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or to visit our website for information on the case.
The deadline to seek appointment as lead plaintiff is June 17, 2024.
Perion’s most significant search partner and largest source of revenue is Microsoft. The company’s agreement with Microsoft accounted for more than one third of Perion’s revenue in the each of the last three years. On April 8, 2024, Perion announced preliminary financial results for Q1 2024 and updated full year 2024 guidance, revealing that in Q1 Perion experienced a decline in search advertising activity due to changes in pricing implemented by Microsoft Bing. On this news, the price of Perion Network Ltd. common stock declined by $8.61 per share, or approximately 40%, on April 8, 2024.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) Perion’s search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion’s long-term relationship with Microsoft and search services agreement would not provide stability for Perion’s search advertising business; (3) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place; (4) Perion’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue; and (5) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about Perion’s search advertising business and related financial results, growth, and prospects.
If you purchased or acquired Perion Network Ltd. common stock between February 9, 2021 and April 5, 2024, and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website. The deadline to seek appointment as lead plaintiff is June 17, 2024.
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
