openPR Logo
Press release

Lawsuit filed for Investors to recover losses with shares of Snowflake Inc. (NYSE: SNOW)

03-01-2024 06:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Snowflake Inc. (NYSE: SNOW) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Snowflake Inc. (NYSE: SNOW) shares over alleged securities laws violations.

An investor, who purchased shares of Snowflake Inc. (NYSE: SNOW), filed a lawsuit against Snowflake Inc t over alleged Securities Laws violations by Snowflake Inc.

Investors who purchased shares of Snowflake Inc. (NYSE: SNOW) have certain options and for certain investors are short and strict deadlines running. Deadline: April 29, 2024. NYSE: SNOW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Bozeman, MT based Snowflake Inc. provides a cloud-based data platform for various organizations in the United States and internationally.

On March 2, 2022, Snowflake Inc. revealed that its product revenue growth rate for fiscal 2023 was projected to be slashed to a range of 65% to 67%, far below the triple-digit growth and purportedly ongoing favorable business trends highlighted by defendants during the Class Period. On a related earnings call also held on March 2, 2022, Snowflake CFO, defendant Michael P. Scarpelli, further revealed that Snowflake customers were consuming at a reduced rate, which he blamed on "platform enhancements . . . which lowered credit consumption."

Shares of Snowflake Inc. (NYSE: SNOW) declined from $405 per share on November 17, 2021, to as low as $164.29 per share on March 15, 2022.

The plaintiff claims that between September 16, 2020 and March 2, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake's products and services, that Snowflake had provided significant discounts to its customers prior to its 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, that as a result, 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, and that consequently, Snowflake's product revenue and remaining performance obligations had been artificially inflated leading up to and between September 16, 2020 and March 2, 2022.

Those who purchased shares of Snowflake Inc. (NYSE: SNOW) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Lawsuit filed for Investors to recover losses with shares of Snowflake Inc. (NYSE: SNOW) here

News-ID: 3406533 • Views:

More Releases from Shareholders Foundation

Lawsuit for Investors in Sonder Holdings Inc. (NASDAQ: SOND) filed in effort to recover losses
Lawsuit for Investors in Sonder Holdings Inc. (NASDAQ: SOND) filed in effort to …
An investor, who purchased shares of Sonder Holdings Inc. (NASDAQ: SOND), filed a lawsuit over alleged violations of Federal Securities Laws by Sonder Holdings Inc in connection with certain allegedly false and misleading statements. Investors who purchased shares of Sonder Holdings Inc. (NASDAQ: SOND) have certain options and for certain investors are short and strict deadlines running. Deadline: June 10, 2024. NASDAQ: SOND investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com
Lawsuit filed for Investors in Ocugen, Inc. (NASDAQ: OCGN) in effort to recover losses
Lawsuit filed for Investors in Ocugen, Inc. (NASDAQ: OCGN) in effort to recover …
An investor, who purchased shares of Ocugen, Inc. (NASDAQ: OCGN), filed a lawsuit i over alleged violations of Federal Securities Laws by Ocugen, Inc.. Investors who purchased shares of Ocugen, Inc. (NASDAQ: OCGN) have certain options and for certain investors are short and strict deadlines running. Deadline: June 10, 2024. NASDAQ: OCGN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. Malvern, PA based Ocugen, Inc., a
Investors who lost money with shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) should contact the Shareholders Foundation in connection with Lawsuit
Investors who lost money with shares of Evolv Technologies Holdings, Inc. (NASDA …
An investor, who purchased shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV), filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Evolv Technologies Holdings, Inc. f/k/a NewHold Investment Corp. Investors who purchased shares of Evolv Technologies Holdings, Inc. (NASDAQ: EVLV) have certain options and for certain investors are short and strict deadlines running. Deadline: May 24, 2024. NASDAQ: EVLV
Investigation announced for Investors who purchased shares of Comtech Telecommunications Corp. (NASDAQ: CMTL) over possible Violations of Securities Laws
Investigation announced for Investors who purchased shares of Comtech Telecommun …
Comtech Telecommunications Corp is under investigation over potential securities laws violations in connection with certain financial statements. Investors who purchased shares of Comtech Telecommunications Corp. (NASDAQ: CMTL), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm focuses on whether a series of statements by Comtech Telecommunications Corp. regarding its business, its prospects and its operations were materially false

All 5 Releases


More Releases for Snowflake

Aegis Softtech adds Dynamic Snowflake Development Services for its Customers
"We continue to invest in Snowflake to help our customers to access the next generation of analytics for data. Adding value to our services is a commitment for data as evidence for a better approach to IT solutions." Aegis Team, India Aegis Softtech is in the business of improving customer experience through its wide range of IT services across 15 countries. On the forefront of adding dynamic clout to secure IT
Cloud Data Warehouse Market worth Observing Growth | Snowflake, Teradata, Cloude …
The Latest research study released by HTF MI "Cloud Data Warehouse Market" with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that aid the market growth. Some of the Major Companies covered in this Research
Datagaps Attains Snowflake Select Technology Partner Status
Datagaps Inc. announces a new partnership with Snowflake, the Data Cloud company. Datagaps attains Snowflake Select Technology Partner in the space of Data and Business Intelligence Validation to help organizations validate their migration to Snowflake's Data Cloud. Snowflake delivers the Data Cloud, where thousands of organizations have seamless access to explore, share, and unlock the true value of their data. Datagaps as a Select Technology Partner helps organizations validate their legacy migration
Fintech Investment Market is Thriving Worldwide | Stripe, Atom Bank, Snowflake
HTF Market Intelligence released a new research report of 132 pages on title 'Global Fintech Investment Market by Player, Region, Type, Application and Sales Channel' with detailed analysis, forecast and strategies. The study covers key regions that includes North America, LATAM, United States, GCC, Southeast Asia, Europe, APAC, United Kingdom, India or China and important players such as Kreditech, IFC, Klarna, CreditEase, Wealthfront, Atom Bank, H2 Ventures, Avant, Funding Circle,
Anblicks to host a webinar with Snowflake to help customers migrate from Hadoop …
November 19, 2020– Dallas, TX: Anblicks, a leader in cloud data engineering, enabling enterprises with data-driven decision making, announced that it will host a webinar with Snowflake titled “Reduce Cost with Hadoop to Snowflake Migration”. This complimentary webinar will take place on Tuesday, December 08 2020 at 10 AM CST and will feature Abishek Kunduru, Chief Data Architect, Anblicks, Mike Gierkey, Partner Manager, Snowflake, and Jim Caccia, Partner Engineer,
11-03-2017 | Arts & Culture
Wonderbly
WONDERBLY LAUNCHES THE CHRISTMAS SNOWFLAKE BOOK TO FOSTER WONDERFUL HOLIDAY MEMO …
LONDON, England (November 2, 2017) – Wonderbly, an award-winning independent technology and publishing business, announces the launch of The Christmas Snowflake, a festive, personalized storybook that celebrates the uniqueness of families worldwide. Through the brand’s whimsical storytelling, artistic illustrations and advanced technology, The Christmas Snowflake will allow fans to create new holiday traditions and showcase the significance of families during the holiday season. Wonderbly’s timeless Christmas tale follows a snowflake