NEW YORK,
April 26,
2024 /PRNewswire/ -- 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:
https://securitiesclasslaw.com/securities/snowflake-loss-submission-form/?id=76948&from=4
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=76948&from=4
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
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SOURCE The Gross Law Firm