BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been 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”). Splunk investors have until February 2, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Splunk investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
If you purchased Splunk common stock, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.