NEW
YORK, April 9, 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=74724&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=74724&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