Shareholders that lost money on Snowflake Inc.(SNOW) should contact Levi & Korsinsky about pending Class Action - SNOW

NEW YORK, April 3, 2024

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Snowflake investors who were adversely affected by alleged securities fraud between September 16, 2020 and March 2, 2022. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/snowflake-lawsuit-submission-form?prid=73847&wire=4 

SNOW investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (a) Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake's products and services; (b) Snowflake had provided significant discounts to its customers prior to the Initial Public Offering (IPO) that temporarily boosted sales but would not be sustainable after the IPO and/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake's revenue and profit margins; (c) as a result of (a)-(b) above, Snowflake's customers were poised to roll over a material amount of unused credits (and thereby cannibalize future sales) at the end of their contracts' terms or to refuse to renew their contracts at prior consumption levels or at all; (d) as a result (a)-(c) above, Snowflake's product revenue and remaining performance obligations had been artificially inflated leading up to and during the class period; and (e) as a result of (a)-(d) above, defendants lacked a reasonable basis for their positive statements about Snowflake's business, financials, and growth trajectory.

WHAT'S NEXT? If you suffered a loss in Snowflake during the relevant time frame, you have until April 29, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.