PALANTIR TECHNOLOGIES INC. Company News: Berger Montague Advises Investors Of A Securities Fraud Action Against Palantir Technologies Inc. (NYSE:PLTR); Lead Plaintiff Deadline is November 14, 2022
PHILADELPHIA, PA / ACCESSWIRE / September 19, 2022 / Berger Montague informs investors that a securities fraud class action lawsuit has been filed against Palantir Technologies Inc. ("Palantir") (NYSE:PLTR) on behalf of those who purchased Palantir securities between securities between November 9, 2021 and May 6, 2022, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Palantir securities during the Class Period may, no later than November 14, 2022, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/palantir-technologies-inc/
According to the complaint, on May 9, 2022, Palantir issued a press release announcing its first quarter financial results and guidance for the second quarter. Palantir disclosed that government revenue grew by only 16% year-over-year for the first quarter, representing a significant slowdown in revenue growth compared to prior quarters, and that, for the second quarter, Palantir expected $470 million in sales, compared to estimates of $483.76 million.
Following this news, Palantir's stock price fell $2.02 per share, or over 21%, to close at $7.46 per share on May 9, 2022.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Palantir's investments in marketable securities were having a significant negative impact on the 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; (iv) as a result of all the foregoing, Palantir was likely to miss consensus estimates for its first quarter 2022 EPS and second quarter 2022 sales outlook; and (v) as a result, the Palantir's public statements were materially false and misleading at all relevant times.
Whistleblowers: Anyone with non-public information regarding Palantir is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
SOURCE: Berger Montague