| COMPANY |
Perion Network Ltd. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-02860 |
| JUDGE |
The Hon. Naomi Reice Buchwald |
| CLASS PERIOD |
February 9, 2021 through April 5, 2024 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS JUNE 17, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Perion Network Ltd. (“Perion”) (NASDAQ: PERI) common stock between February 9, 2021 and April 5, 2024, both dates inclusive (the “Class Period”).
Perion’s most significant search partner and largest source of revenue is Microsoft. The company’s agreement with Microsoft accounted for more than one third of Perion’s revenue in the each of the last three years. On April 8, 2024, Perion announced preliminary financial results for Q1 2024 and updated full year 2024 guidance, revealing that in Q1 Perion experienced a decline in search advertising activity due to changes in pricing implemented by Microsoft Bing. On this news, the price of Perion common stock declined by $8.61 per share, or approximately 40%, on April 8, 2024.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) Perion’s search advertising business was not a reliable and significant growth driver and was in fact in decline; (2) Perion’s long-term relationship with Microsoft and search services agreement would not provide stability for Perion’s search advertising business; (3) there was an increased risk of Microsoft acting to unilaterally change its advertising pricing and mechanisms to the detriment of Perion while the search services agreement was in place; (4) Perion’s AI technology and Microsoft’s investment in ChatGPT would not protect or grow Perion’s search advertising revenue; and (5) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about Perion’s search advertising business and related financial results, growth, and prospects.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.