Scott+Scott Attorneys at Law LLP Announces Filing of Securities Class Actions Against Splunk, Inc. (SPLK)

NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces that a pending class action lawsuit has been filed against Splunk, Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Splunk securities between October 21, 2020 and December 2, 2020, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Joe Pettigrew for additional information at [phone] or [e-mail].

Splunk provides software solutions that ingest data from different sources including systems, devices and interactions, and turn that data into “meaningful business insights” across the organization. Splunk states that its “Data-to-Everything platform enables users to investigate, monitor, analyze and act on data regardless of format or source.”

The lawsuit alleges that Splunk made materially false and/or misleading statements and/or failed to disclose that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; and (2) Splunk was not hitting the financial targets it had previously announced.

On December 2, 2020, after the market closed, Splunk announced its financial results for the third fiscal quarter of 2021, ended October 31, 2020. Among other disappointing news, Splunk reported total revenues of $559 million, down 11% year-over-year and which missed estimates by nearly $60 million. The Company also held an earnings call with analysts on December 2, 2020, in which the Company admitted that despite having reiterated its 2021 third quarter guidance just ten days before the close of the quarter, that these results fell “certainly short of both our expectations and our communication of those expectations.”

This news stunned the market, leading analyst JPMorgan to write that it was “blindsided by the magnitude of too many large deals slipping in the final days of October.”

On this news, the stock price of Splunk plummeted, closing at $158.03 per share on December 3, 2020, down over 23% from the December 2, 2020 closing price of $205.91 per share.

What You Can Do

If you purchased Splunk securities between October 21, 2020 and December 2, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at [phone] or [e-mail]. The lead plaintiff deadline is February 2, 2021.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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