Palantir Technologies, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of those who acquired Palantir Technologies Inc. (“Palantir”) (NYSE: PLTR) securities between November 9, 2021 and May 6, 2022, both dates inclusive (the “Class Period”). Investors have until November 14, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Palantir builds and deploys software platforms to assist the U.S. intelligence community in counterterrorism investigations and operations.
On May 9, 2022, during pre-market hours, Palantir issued a press release announcing its Q1 financial results, including adjusted EPS of $0.02, compared to analyst estimates of $0.04 per share. Palantir also disclosed that government revenue grew by only 16% year-over-year for Q1, representing a significant slowdown in revenue growth compared to prior quarters, and that, for Q2, the Company expected $470 million in sales, compared to estimates of $483.76 million.
Also on May 9, 2022, during pre-market hours, Palantir hosted a conference call with investors and analysts to discuss the Company’s Q1 results and Q2 guidance. On the call, Defendant Glazer disclosed that the Company’s “[f]irst quarter adjusted [EPS of] $0.02 . . . includes a negative $0.02 impact driven primarily by unrealized losses on marketable securities.” On this news, Palantir shares declined by $2.02 per share, or approximately 21.31%, from $9.48 per share to close at $7.46 per share on May 9, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Palantir’s investments in marketable securities were having a significant negative impact on the Company’s EPS results; (ii) Palantir overstated the sustainability of its government segment’s growth and revenues; (iii) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; (iv) as a result of all the foregoing, the Company was likely to miss consensus estimates for its Q1 EPS and Q2 sales outlook; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.