NEW YORK--(BUSINESS WIRE)--Awarding winning shareholder rights law firm Labaton Sucahrow reminds investors of the upcoming deadline to move for appointment as lead plaintiff in the class action litigation filed on behalf of investors who purchased or otherwise acquired common stock of Splunk Inc. ("Splunk" or the "Company") (NASDAQ: SPLK) between October 21, 2020 and December 2, 2020, inclusive (the "Class Period").
If you purchased or otherwise acquired Splunk common stock or options during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 2, 2021. Splunk investors who wish to learn more about the litigation and/or how to seek appointment as lead plaintiff should contact David J. Schwartz of Labaton Sucharow using the toll-free number (800) 321-0476 or via email at email@example.com
Background on the Splunk Securities Class Litigation
Splunk, incorporated in Delaware and headquartered in San Francisco, California, is a software company specializing in web-based products for searching, monitoring, and analyzing machine-generated data at an organizational level.
The action alleges that, during the Class Period, defendants misrepresented and/or failed to disclose that: (1) Splunk was failing to close deals with most of its biggest customers in the fiscal third quarter 2021; (2) Splunk was not achieving the financial targets it had previously announced; and (3) as a result, defendants' public statements were at all relevant times materially false and misleading.
On December 2, 2020, after markets closed, Splunk announced disappointing results for the fiscal third quarter 2021, including a decrease of approximately 11% in total revenues, missing analyst estimates by almost $60 million. On the subsequent earnings call, Company executives disclosed for the first time that Splunk had failed to close most of its largest deals during the quarter. On this news, the price of Splunk stock dropped $47.88 per share, or 23.25%, from its closing price of $205.91 on December 2, 2020, to close at $158.03 per share on December 3, 2020, on extremely heavy trading volume.
About the Firm
Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com.