The Law Offices of Frank R. Cruz reminds investors of the upcoming November 14, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Palantir Technologies Inc. ("Palantir" or the "Company") (NYSE: PLTR) securities between September 27, 2020 and August 5, 2022, inclusive (the "Class Period").
If you are a shareholder who suffered a loss, click here to participate.
On May 9, 2022, Palantir released its first quarter 2022 financial results, announcing an adjusted earnings per share ("EPS") of $0.02, compared to analyst estimates of $0.04 per share, which "include[d] a negative $0.02 impact driven primarily by unrealized losses on marketable securities." The Company also disclosed that government revenue had grown by only 16% year-over-year.
On the news, Palantir's stock fell $2.02, or 21.3%, to close at $7.46 per share on May 9, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Palantir's investments in marketable securities were having a significant negative impact on the Company's EPS results; (2) Palantir overstated the sustainability of its government segment's growth and revenues; (3) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; (4) as a result of all the foregoing, the Company was likely to miss consensus estimates for its Q1 EPS and Q2 sales outlook; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Palantir securities during the Class Period, you may move the Court no later than November 14, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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SOURCE: The Law Offices of Frank R. Cruz
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz, 310-914-5007 firstname.lastname@example.org www.frankcruzlaw.com