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SNOW.US
id: 1123

Snowflake (SNOW) Shocked 2023 Growth Cut Case

N.D. California
Court
3:24-cv-01234
Case number
16 Sept 2020
Class period Start
02 Mar 2022
Class period End
29 Apr 2024
Lead Plaintiff motion deadline
  • $SNOW stockholder filed a claim vs. Snowflake for purportedly overstating 2023 revenue growth projections.
  • In March 2022, the slashed guidance news caused $SNOW to fall 15%, losing $13.3 Billion in shareholder value for a single day!
On March 2, 2022, Snowflake (SNOW) revealed that its product revenue growth rate for 2023 was projected to be slashed to a range of 65% to 67%, far below the triple-digit growth and purportedly ongoing favorable business trends previously highlighted.

On the earnings call held on March 2, 2022, Snowflake CFO, Michael P. Scarpelli, revealed that Snowflake's customers were consuming at a reduced rate, which he blamed on “platform enhancements . . . which lowered credit consumption.”

On this news, $SNOW fell nearly 15%, losing $13.33 billion of its market capitalization just in a single day, seriously damaging investors.

Considering all highlights provided by senior management, investors have reasons to suspect Snowflake of purportedly overstating 2023 revenue growth prospects, which led to thier losses when the truth was uncovered.

The first $SNOW stockholder filed a claim vs. Snowflake over misleading in N.D. California court.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03 March 2022
Filing date
29 February 2024
Lead Plaintiff Deadline
29 April 2024
Judge
Hon. P. Casey Pitts
Collecting participants…

Snowflake Inc

Snowflake Inc. provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data i...

    Ticker
    SNOW.US
    ISIN
    US8334451098
    CIK
    1587755
    Sector
    Technology
    Industry
    Software - Application
    Country
    USA
    Address
    106 East Babcock Street, Bozeman, MT, United States, 59715