LAWSUIT ALERT: Investors who lost money with shares of Snowflake Inc. (NYSE: SNOW) should contact the Shareholders Foundation

An investor, who purchased shares of Snowflake Inc. (NYSE: SNOW), filed a lawsuit over alleged violations of Federal Securities Laws by Snowflake Inc. in connection with certain allegedly false and misleading statements.

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.

According to the complaint the plaintiff alleges on behalf of purchasers of Snowflake Inc. (NYSE: SNOW) common shares between September 16, 2020 and March 2, 2022, that the defendants violated Federal Securities Laws. More specifically, 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.