SAN DIEGO, CA / ACCESSWIRE / September 19, 2022 / Robbins Geller Rudman & Dowd LLP announces that the Palantir class action lawsuit - captioned Cupat v. Palantir Technologies Inc., No. 22-cv-02384 (D. Colo.) - charges Palantir Technologies Inc. (NYSE:PLTR) as well as certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Palantir class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Palantir class action lawsuit must be filed with the court no later than November 14, 2022.
CASE ALLEGATIONS: Palantir builds and deploys software platforms to assist the U.S. intelligence community in counterterrorism investigations and operations. Palantir has consistently described sources of geopolitical instability and other disruptions - e.g., armed conflicts, economic crises, and the COVID-19 pandemic - as tailwinds for its business. Palantir also invests in so-called "marketable securities" consisting of equity securities in publicly traded companies.
The Palantir class action lawsuit alleges that defendants failed to disclose that: (i) Palantir's investments in marketable securities were having a significant negative impact on Palantir's earnings per share ("EPS") results; (ii) Palantir overstated the sustainability of its government segment's growth and revenues; (iii) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; and (iv) as a result, Palantir was likely to miss consensus estimates for its first quarter 2022 ("Q1") EPS and second quarter 2022 ("Q2") sales outlook.
On May 9, 2022, Palantir issued a press release announcing its Q1 financial results and guidance for Q2. For Q1, Palantir announced adjusted EPS of $0.02, compared to analyst estimates of $0.04 per share, noting on a conference call that the "[f]irst quarter adjusted [EPS of] $0.02 . . . includes a negative $0.02 impact driven primarily by unrealized losses on marketable securities." Palantir also disclosed that government revenue grew by only 16% year-over-year for Q1, representing a significant slowdown in revenue growth compared to prior quarters, and that, for Q2, Palantir expected $470 million in sales, compared to estimates of $483.76 million. Palantir's significant decline in revenue growth, particularly from its government customers, surprised investors, especially given the ongoing geopolitical instability and other disruptions caused by, among other things, the ongoing COVID-19 pandemic and Russo-Ukrainian War - that is, precisely the type of destabilizing conditions that Palantir had previously touted as tailwinds for its business. On this news, Palantir's stock price fell by more than 21%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Palantir securities during the class period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Palantir class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Palantir class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Palantir class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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SOURCE: Robbins Geller Rudman & Dowd LLP