NEW YORK, NY / ACCESSWIRE / January 13, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Splunk Inc. ("Splunk" or the "Company") (NASDAQ:SPLK) from October 21, 2020 through December 2, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Splunk securities, and/or would like to discuss your legal rights and options please visit Splunk Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose 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, Defendants' public statements were materially false and misleading at all relevant times.
After the markets closed on December 2, 2020, Splunk announced its financial results for its third fiscal quarter for 2021, ended October 31, 2020. In this 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.
On this news, shares of Splunk common stock plummeted, closing at just $158.03 per share on December 3, 2020, down over 23% from the December 2, 2020 closing price of $205.91 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than February 2, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Splunk securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/splunkinc-splk-shareholder-class-action-lawsuit-stock-fraud-338/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero
Bernstein Liebhard LLP
SOURCE: Bernstein Liebhard LLP
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