Snowflake (SNOW) Shocked 2023 Growth Cut Case

N.D. California

Court

5:24-cv-1234

Case number

09/16/2020

Class period Start

03/02/2022

Class period End

04/29/2024

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.

Case Status

Lead Plaintiff Appointed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

03/03/2022

Filing date

02/29/2024

Lead Plaintiff Deadline

04/29/2024

Judge

Hon. P. Casey Pitts

Snowflake (SNOW) Shocked 2023 Growth Cut Case

Collecting participants…