SAN FRANCISCO, CA – (December 17, 2020) – The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the common stock of Splunk Inc. (“Splunk” or the “Company”) (Nasdaq: SPLK) between October 21, 2020 and December 2, 2020, inclusive (the “Class Period”).
If you purchased or otherwise acquired Splunk common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 2, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Splunk investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Splunk Class Litigation
Splunk, incorporated in Delaware and headquartered in San Francisco, California, is a software company specializing in web-based products for searching, monitoring, and analyzing machine-generated data at an organizational level.
The action alleges that, during the Class Period, defendants misrepresented and/or failed to disclose that: (1) Splunk was failing to close deals with most of its biggest customers in the fiscal third quarter 2021; (2) Splunk was not achieving the financial targets it had previously announced; and (3) as a result, defendants’ public statements were at all relevant times materially false and misleading.
On December 2, 2020, after markets closed, Splunk announced disappointing results for the fiscal third quarter 2021, including a decrease of approximately 11% in total revenues, missing analyst estimates by almost $60 million. On the subsequent earnings call, Company executives disclosed for the first time that Splunk had failed to close most of its largest deals during the quarter. On this news, the price of Splunk stock dropped $47.88 per share, or 23.25%, from its closing price of $205.91 on December 2, 2020, to close at $158.03 per share on December 3, 2020, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP