SAN
DIEGO, March 5, 2024 /PRNewswire/ -- DiCello
Levitt LLP announces that purchasers or acquirers of Snowflake,
Inc. ("Snowflake" or the "Company") (NYSE: SNOW) common stock
between September 16, 2020, and
March 2, 2022, inclusive (the "Class
Period"), have until April 29, 2024
to seek appointment as lead plaintiff of the Snowflake class action
lawsuit. The Snowflake lawsuit charges the Company and certain of
its senior executive officers with violations of the Securities
Exchange Act of 1934.
If you purchased shares of Snowflake common stock
between September 16, 2020 and
March 2, 2022, and suffered
substantial losses, and you wish to serve as lead plaintiff in this
lawsuit, you may submit your information here:
https://dicellolevitt.com/securities/snowflake/
You can also contact DiCello Levitt partner
Brian O'Mara by calling (888)
287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is
certified, you are not represented by counsel unless you retain
one. You may select counsel of your choice. You may also remain an
absent class member and do nothing at this point. An investor's
ability to share in any potential future recovery is not dependent
upon serving as lead plaintiff.
Allegations
The Snowflake lawsuit alleges that,
throughout the Class Period, Defendants failed to disclose the
following adverse facts about Snowflake's business, operations, and
prospects: (a) that Snowflake had systematically oversold capacity
to customers to create a misleading appearance of the demand for
Snowflake's products and services; (b) that Snowflake had provided
significant and unsustainable discounts to its customers to
temporarily boost sales in advance of the Company's Initial Public
Offering, and such discounting would require platform efficiency
adjustments that negatively impacted client consumption and
Snowflake's revenue and profit margins; (c) that, as a result of
the above, Snowflake's customers were rolling over a material
amount of unused credits (and thereby cannibalize future sales) at
the end of their contracts' terms or refusing to renew their
contracts at prior consumption levels or at all; (d) that, as a
result of the above, Snowflake's product revenue and remaining
performance obligations had been artificially inflated throughout
the Class Period; and (e) that, as a result, Defendants lacked a
reasonable basis for their positive statements about Snowflake's
business, financials, and growth trajectory.
On March 2, 2022,
Snowflake reported fourth quarter results for 2022, and announced
disappointing fiscal 2023 guidance, slashing its projected product
revenue growth rate for fiscal 2023 to a range of 65% to 67%, far
below the rates and trends Defendants highlighted during the Class
Period. On this news the price of Snowflake common stock plummeted
from $264.69 per share on
March 2, 2022, to close at
$224.02 per share on March 3, 2022.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving
justice for our clients through securities, class action,
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have suffered harm, global corporations that have sustained
significant economic losses, and public clients seeking to protect
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reputations—and our capital—on the line for our clients.
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case resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do not
guarantee a similar outcome.
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SOURCE DiCello Levitt LLP