TDC - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Teradata and Seritage and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, July 10, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Teradata Corporation (NYSE:TDC), and Seritage Growth Properties (NYSE:SRG). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Teradata Corporation (NYSE:TDC)
Class Period: February 13, 2023 - February 12, 2024
Lead Plaintiff Deadline: August 13, 2024
Teradata, together with its subsidiaries, provides a connected multi-cloud data platform for enterprise analytics. Historically, Teradata primarily dealt with the information technology departments of its customers. However, as the Company expanded its business model and strategic objectives, it increasingly began to engage with additional customer business units.
To measure the Company's progress in achieving its strategic objectives, Teradata utilizes certain financial and performance metrics including Total Annual Recurring Revenue ("ARR")—or the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights, and maintenance—and, included within Total ARR, Public Cloud ARR—or the annual value at a point in time of all contracts related to public cloud implementations of its cloud data platform. Accordingly, Teradata's Total ARR for a certain time period is determined, in significant part, by the number of customer transactions the Company is able close in that period.
On February 13, 2023, Teradata issued a press release reporting its Q4 and full year 2022 financial results. In providing an outlook for the full-year 2023, the press release stated that "Public cloud ARR is expected to increase in the range of 53% to 57% year-over-year" and "Total ARR is expected to increase in the range of 6% to 8% year-over-year."
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) under Teradata's expanded business model, which involved engagement with additional customer business units and decisionmakers, transactions with ...