The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Splunk Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK) securities during the period from October 21, 2020 through December 2, 2020 (the “Class Period”). Investors have until February 2, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On December 2, 2020, after the market closed, Splunk announced its third quarter 2021 financial results in a press release. The Company reported total revenue of $559 million, well below prior guidance expecting between $600 and $630 million. Splunk attributed the shortfall to “uncertainty and volatility for macro factors” that “cause[d] customers to delay spending commitments, particularly for high-value contracts.” However, analysts at BTIG wrote that this explanation “is fairly confusing given that most peers in the software space (and particularly in security software) saw relatively strong trends.” Also, analysts at JPMorgan were “blindsided by the magnitude of too many large deals slipping in the final days of October.”
On this news, Splunk’s stock price fell by $47.88 per share, or approximately 23%, to close at $158.03 per share on December 3, 2020.
If you acquired Splunk securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.