SPT - Saxena White P.A. Announces Securities Fraud Class Action Lawsuit Filed Against Sprout Social Inc. and Certain of Its Executives Expanding Class Period and Allegations Asserted in Related Action | Benzinga
BOCA RATON, Fla., July 02, 2024 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit (the "Class Action") in the United States District Court for the Northern District of Illinois against Sprout Social, Inc. ("Sprout Social" or the "Company") (NASDAQ:SPT) and certain of its executive officers (collectively, "Defendants"). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission ("SEC") Rule 10b-5 promulgated thereunder on behalf of all persons and entities that purchased or otherwise acquired Sprout Social securities between November 3, 2021 and May 2, 2024, inclusive (the "Class Period"), and were damaged thereby. The Complaint filed by Saxena White P.A. is captioned: City of Hollywood Police Officers' Retirement System v. Sprout Social, Inc. et al., No. 24-cv-5582 (N.D. Ill.).
The Complaint expands upon the class period and allegations asserted in a related action against Sprout Social captioned Munch v. Sprout Social, Inc., No. 24-cv-03867 (N.D. Ill. May 13, 2024) (the "Munch Complaint"). Specifically, the City of Hollywood Police Officers' Retirement System action (the "Expanded Action") expands the pled class period, from November 2, 2023 to May 2, 2024 in the Munch Complaint to November 3, 2021 to May 2, 2024, and alleges Defendants misrepresented their ability and success in moving "upmarket" to larger enterprise customers and materially understated the impact of this move on the Company's financial results.
Pursuant to the notice published on May 13, 2024, in connection with the filing of the Munch Complaint, as required by the Private Securities Litigation Reform Act of 1995, investors wishing to serve as Lead Plaintiff are required to file a motion for appointment as Lead Plaintiff by no later than July 12, 2024. Saxena White's filing of the Expanded Action does not ...