NEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) — The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Sprinklr, Inc. (“Sprinklr” or the “Company”) (NYSE: CXM) between March 29, 2023 and June 5, 2024, both dates inclusive. You are hereby notified that the class action lawsuit Shane Boshart v. Sprinklr, Inc., et al. (Case No. 1:24-cv-06132) has been commenced in the United States District Court for the Southern District of New York. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.
According to the complaint, on December 6, 2023, Sprinklr announced strong 3Q 2024 results and then reduced its estimated growth for the 4Q and full year 2025. The Company blamed it on “subscription renewal pressures” caused by macro headwinds and the “over-rotation” of sales to its Contact Center as a Service (“CCaaS”) market. On an earnings call in September 2023, CEO Ragy Thomas stated that the Company’s investments in AI and the CCaaS opportunity were main contributors to its customer growth. Subsequently, in March several changes were made to the Company’s C-level positions. Analysts commenting on the reduced estimates mention surprise at the timing and shift in the Company’s sales strategy. Following this news, Sprinklr’s stock price fell by $5.59 per share, or approximately 34% to close at $11.11 per share.
On June 5, 2024, Sprinklr again announced significantly reduced growth expectations, this time cutting fiscal year 2025 projections another three percent, down to a mere 7% annual growth, again attributing the losses to reduced customer retention in Sprinklr’s core business and macro headwinds. The price of Sprinklr’s common stock declined dramatically. From a closing market price of $10.84 per share on June 5, 2024 Sprinklr’s stock price fell to $9.20 per share on June 6, 2024, a decline of more than 15% in the span of one day.
If you suffered a loss in CXM securities, you have until October 14, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
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