NEW YORK, April 03, 2024 (GLOBE NEWSWIRE) — The Gross Law Firm issues the following notice to shareholders of Snowflake Inc. (NYSE: SNOW).
Shareholders who purchased shares of SNOW during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
CLASS PERIOD: September 16, 2020 to March 2, 2022
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake’s products and services; (b) Snowflake had provided significant discounts to its customers prior to the Initial Public Offering (IPO) that temporarily boosted sales but would not be sustainable after the IPO and/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake’s revenue and profit margins; (c) as a result of (a)-(b) above, Snowflake’s customers were poised to roll over a material amount of unused credits (and thereby cannibalize future sales) at the end of their contracts’ terms or to refuse to renew their contracts at prior consumption levels or at all; (d) as a result (a)-(c) above, Snowflake’s product revenue and remaining performance obligations had been artificially inflated leading up to and during the class period; and (e) as a result of (a)-(d) above, defendants lacked a reasonable basis for their positive statements about Snowflake’s business, financials, and growth trajectory.
DEADLINE: April 29, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/snowflake-loss-submission-form/?id=73873&from=3
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of SNOW during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is April 29, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
