The Law Offices of Frank R. Cruz Announces Investigation of Snowflake Inc. (SNOW) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Snowflake Inc. (“Snowflake” or the “Company”) (NYSE: SNOW) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On March 2, 2022, after the market closed, Snowflake released its fourth quarter and full year 2022 financial results, revealing that the Company’s customers were consuming at a reduced rate due to “platform enhancements . . . which lowered credit consumption.” Additionally, Snowflake lowered expected sales growth to between 65% and 67% for fiscal 2023, representing a significant decline given that Snowflake’s revenue growth had more than doubled year-over-year in the previous six quarters.

On this news, Snowflake’s stock price fell $40.67, or 15.4%, to close at $224.02 per share on March 3, 2022, thereby injuring investors. Snowflake’s stock price continued to fall another 14.5% over the next few consecutive trading days, to close at $191.61 on March 8, 2022, thereby injuring investors further.

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If you purchased Snowflake 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, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [e-mail], 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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