LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Splunk Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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, well below prior guidance expecting between $600 and $630 million. Splunk attributed the shortfall to “uncertainty and volatility for macro factors” that “cause[d] customers to delay spending commitments, particularly for high-value contracts.” However, analysts at BTIG wrote that this explanation “is fairly confusing given that most peers in the software space (and particularly in security software) saw relatively strong trends.” 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 as much as 20% during intraday trading on December 3, 2020.
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If you purchased Splunk securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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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