NEW ORLEANS, April 24, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 17, 2024 to file lead plaintiff applications in a securities class action lawsuit against Perion Network Ltd. (NasdaqGS: PERI), if they purchased or otherwise acquired the Company’s shares between February 9, 2021 and April 5, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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Perion investors should visit us at https://claimsfiler.com/cases/nasdaq-peri/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Perion and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 8, 2024, the Company, whose most significant search partner and largest source of revenue is Microsoft, disclosed reduced revenue and adjusted EBITDA expectations for Q1 2024, as well as reduced full-year 2024 guidance to revenue of only $590 million to $610 million (down 19% year over year, from an original range of $860 million to $880 million, or growth of 17% year over year), due to changes to Microsoft Bing’s search advertising pricing and mechanisms.
On this news, the price of Perion’s shares fell by $8.61 per share, or approximately 40%, on April 8, 2024.
The case is Beisner v. Perion Network Ltd., et al., 24-cv-02860.
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