NEW YORK–(BUSINESS WIRE) – Scott + Scott Lawyers LLP (“Scott + Scott”), an international shareholder and consumer litigation firm, announces that a class action lawsuit has been pending against Splunk, Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK) and some of its officers and directors alleging violations of federal securities laws. If you purchased Splunk Securities between October 21, 2020 and December 2, 2020 (including the “Class Period”), please contact Scott + Scott’s attorney Joe Pettigrew for more information at (844) 818 -6982 or jpettigrew @ scott to get -scott.com.
Splunk provides software solutions that take data from a variety of sources, including systems, devices, and interactions, and turn that data into “business insights” across the enterprise. Splunk states that its “data-to-everything platform enables users to explore, monitor, analyze, and act on data regardless of format or source.”
The lawsuit alleges that Splunk made materially false and / or misleading statements and / or failed to disclose that: (1) Splunk did not do business with any of its largest customers in the third fiscal quarter of 2021; and (2) Splunk did not meet its previously announced financial targets.
On December 2, 2020, after the market closed, Splunk announced its financial results for the third fiscal quarter of 2021, which ended October 31, 2020. Among other disappointing news, Splunk reported total revenue of $ 559 million, down 11% from last year. Year and missed estimates by nearly $ 60 million. The company also conducted an earnings call with analysts on December 2, 2020, in which the company admitted that despite repeated forecasts for the third quarter of 2021, just ten days before the end of the quarter, these results “certainly fell short of our two expectations and our communication of these expectations. ”
This news baffled the market and led analyst JPMorgan to write that it was “blind because too many big deals slipped in the last few days of October”.
In that news, Splunk’s share price fell, closing at $ 158.03 per share on December 3, 2020, a decrease of over 23% from the December 2, 2020 closing price of $ 205.91 per share.
What you can do
If you purchased Splunk securities between October 21, 2020 and December 2, 2020 or have any questions about this notice or your statutory rights, please contact Attorney Joe Pettigrew at (844) 818-6982 or jpettigrew @ scott- scott .com. The lead plaintiff’s deadline is February 2, 2021.
About Scott + Scott Lawyers LLP
Scott + Scott has extensive law enforcement experience in key securities, antitrust, and retirement plan matters in the United States. The company represents pension funds, foundations, individuals and other companies worldwide with offices in New York, London, Connecticut, California and Ohio.