DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Splunk, Inc. and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of investors who bought Splunk, Inc. (NASDAQ: SPLK) common stock between August 26, 2020 and December 2, 2020 (the “Class Period”). Investors have until February 2, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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After markets closed on December 2, 2020, Splunk was amazed when the company announced its financial results for the third quarter of 2021. Those results fell short of annual recurring and total sales estimates, and Splunk posted a loss of 7 cents per share compared to previous year’s expected earnings of 8 cents per share. Splunk’s guidance for the fourth quarter of 2020 was also lower than expected. Numerous analysts have already downgraded the share and lowered their price targets. That includes JPMorgan, which “was blind because too many big deals slipped 10 days ahead of quarter close in the final days of October after an bullish analyst day” on October 21, 2020, “at which the company reiterated its forecast and stated it am excited about the short-term and long-term growth prospects. ”
In that news, Splunk common stock fell, closing at just $ 158.03 per share on December 3, 2020, down over 23% from its December 2, 2020 closing price of $ 205.91 per share.
The complaint, filed on December 4, 2020, alleges that defendants misrepresented investors and / or failed to disclose that: (1) Splunk did not do any business with its largest customers in the third fiscal quarter of 2021; (2) Splunk did not meet the previously announced financial targets. and (3) As a result of the foregoing, Defendants’ public statements at all relevant times have been materially false and misleading. When the real details hit the market, the lawsuit alleged that investors suffered damage.
If you have purchased Splunk common stock during the Class Period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to it, please contact us at Email Brandon Walker, Melissa Fortunato, or Marion Passmore by emailing firstname.lastname@example.org, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.