SNOW - SNOW Litigation Report: Levi & Korsinsky LLP Provides Investors Further Information on Lawsuit Against Snowflake Inc. | Benzinga
NEW YORK, April 05, 2024 (GLOBE NEWSWIRE) -- The following Litigation Report is being issued by Levi & Korsinsky, LLP:
Snowflake Inc. Litigation Report
Case Introduction
Flannery v. Snowflake Inc., et al 5:24-cv-01234-PCP
On February 29, 2024, investors sued Snowflake Inc. ("Snowflake" or the "Company") in United States District Court, Northern District of California.
Plaintiffs in the federal securities class action allege that they acquired Snowflake stock at artificially inflated prices between September 16, 2020 and March 2, 2022 (the "Class Period"). They are now seeking compensation for financial losses incurred upon public revelation of the Company's alleged misconduct during that time.
Summary of the Allegations
Company Background
Snowflake (NYSE:SNOW) engages in the provision of a data cloud platform.
According to the Company, its platform serves as "a global network where thousands of organizations mobilize data with near-unlimited scale, concurrency, and performance." The Company also says its platform facilitates "collaboration, cybersecurity, data engineering, data lake, data science, data warehousing, and unistore."
Snowflake purportedly boasts more than 9,400 customers all over the world. The Company says these customers amass more than 4 billion daily data queries on its platform. The Company also says its customers can "find, try and buy ready-to-use data and applications" on the Snowflake Marketplace, which has more than 2,400 listings.
Summary of Facts
The Company and two of its senior officers (the "Individual Defendants") are now accused of deceiving investors by lying and ...