The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Palantir Technologies Inc. (PLTR) Investors
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Palantir Technologies Inc. ("Palantir" or the "Company") (NYSE: PLTR) securities between November 9, 2021 and May 6, 2022, inclusive (the "Class Period"). Palantir investors have until November 14, 2022, to file a lead plaintiff motion.
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 disclosedthat 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 Palantir securities during the Class Period, you may move the Court no later than November 14, 2022, to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Palantir securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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 protected], 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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