Splunk investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to its filings with the SEC, Splunk “provides innovative software solutions that ingest data from different sources including systems, devices and interactions, and turn[s] 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 Class Period commences on October 21, 2020, when Splunk held a call with several analysts at the Virtual Analyst & Investor Session at .conf.20. On this call, Splunk assured investors that everything was on track for the close of the third quarter, which was just ten days after the call.
However, the truth regarding its third quarter was revealed after the market closed on December 2, 2020, when Splunk announced its financial results for its third fiscal quarter for 2021. In its announcement, Splunk reported total revenues of $559 million, down 11% year-over-year and which missed estimates by nearly $60 million. Furthermore, Splunk announced quarterly non-GAAP earnings per share of -$0.07, missing estimates by 15 cents, as well as GAAP earnings per share of -$1.26, missing by 24 cents per share.
Following this news, shares of Splunk common stock fell, 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.
The complaint alleges that, throughout the Class Period, the defendants misrepresented and/or failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result of the foregoing, the defendants’ public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than February 2, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (James Maro, Esq. (484-270-1453) or Adrienne Bell, Esq. (484-270-1435)); toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com