Press release
Investigation announced for Investors in shares of Snowflake Inc. (NYSE: SNOW) over potential Wrongdoing
An investigation on behalf of investors in Snowflake Inc. (NYSE: SNOW) shares over possible breaches of fiduciary duty.
Investors who are current long term investors in Snowflake Inc. (NYSE: SNOW) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE: SNOW stocks follows a lawsuit filed against Snowflake Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: SNOW stocks, concerns whether certain Snowflake Inc. directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that, the defendants made false and/or misleading statements and/or failed to disclose that Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake's products and services, that Snowflake had provided significant discounts to its customers prior to its initial public offering ("IPO") that temporarily boosted sales but would not be sustainable after the IPO and/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake's revenue and profit margins, that as a result, Snowflake's customers were poised to roll over a material amount of unused credits (and thereby cannibalize future sales) at the end of their contracts' terms or to refuse to renew their contracts at prior consumption levels or at all, and that consequently, Snowflake's product revenue and remaining performance obligations had been artificially inflated leading up to and between September 16, 2020 and March 2, 2022.
Those who purchased shares of Snowflake Inc. (NYSE: SNOW) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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