SPT - Kessler Topaz Meltzer & Check LLP - SPT Investor Alert: A Securities Fraud Class Action Lawsuit Has Been Filed Against Sprout Social Inc. (SPT) | Benzinga
RADNOR, Pa., July 06, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that securities class action lawsuits have been filed in the United States District Court for the Northern District of Illinois against Sprout Social, Inc. ("Sprout Social") (NASDAQ:SPT). The actions charge Sprout Social with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Sprout Social's materially misleading statements and omissions to the public, Sprout Social's investors have suffered significant losses. The lead plaintiff deadline is July 12, 2024.
If you purchased or acquired Sprout Social securities between November 2, 2023 and May 2, 2024, and suffered losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/sprout-social-inc?utm_source=PR&utm_medium=link&utm_campaign=spt&mktm=r
You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com.
DEFENDANTS' ALLEGED MISCONDUCT
On November 2, 2021, Sprout Social issued a press release announcing financial results for the third quarter of 2021, highlighting that revenue and ARR were up by 46% and 44%, respectively, compared to the same period in 2020. The press release also quoted Sprout Social's CEO, stating that the "outperformance this quarter was driven by accelerated momentum in our large-customer cohorts, underscoring the quality of our growth. We're pleased to deliver very strong ACV [annual contract value] growth and we see even greater future opportunities as our customers operationalize social." On the corresponding earnings conference call that day, Sprout Social's CFO likewise stated, "[o]ur ongoing momentum into the mid-market enterprise and mix ...
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