The Law Offices of Frank R. Cruz reminds investors of the upcoming February 2, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Splunk Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK) common stock between October 21, 2020 and December 2, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On December 2, 2020, after the market closed, Splunk announced its third quarter 2021 financial results in a press release. Therein, the Company reported total revenue of $559 million, down 11% year-over-year. The Company also announced quarterly non-GAAP earnings per share of -$0.07, missing estimates by 15 cents. Also, analysts at JPMorgan were “blindsided by the magnitude of too many large deals slipping in the final days of October.”
On this news, the Company’s stock price fell by $47.88 per share, or approximately 23%, to close at $158.03 per share on December 3, 2020.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Splunk securities during the Class Period, you may move the Court no later than February 2, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005106/en/
Contacts:
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
