| COMPANY |
Sprinklr, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-06132 |
| JUDGE |
The Hon. Lorna G. Schofield |
| CLASS PERIOD |
March 29, 2023 through June 5, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS OCTOBER 15, 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:
On December 6, 2023, Sprinklr issued a press release announcing its financial results for its fiscal third quarter. On a related earnings call that same day, Sprinklr announced a sequential decrease in the total number of customers spending more than $1 million, which the company attributed to macroeconomic conditions. Sprinklr also lowered its guidance for fiscal year 2025. On this news, Sprinklr's stock price fell $5.59 per share, or 33.47%, to close at $11.11 per share on December 7, 2023.
Then, on June 5, 2024, Sprinklr issued a press release reporting financial results for its first fiscal quarter ended April 30, 2024. Among other items, Sprinklr provided full-year revenue guidance below expectations and second-quarter revenue guidance that fell short of consensus estimates. Sprinklr cited a soft demand environment with longer sales cycles and heightened budgetary scrutiny, and advised investors that the company observed higher churn in its core product suites due to reduced marketing spend, elimination of programs, and seat reductions [i.e., reductions in access points for software use that a customer purchases]. On this news, Sprinklr's stock price fell $1.64 per share, or 15.13%, to close at $9.20 per share on June 6, 2024.
The complaint alleges that, during 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 misrepresented and/or failed to disclose that: (1) Sprinklr continually provided projections that failed to account for the difficulties in the scaling of their new CCaaS product; (2) Sprinklr’s focus on CCaaS resulted in a growth slowdown in connection with Sprinklr's proven growth areas; (3) Sprinklr created the false impression that it possessed reliable information pertaining to its projected revenue outlook and anticipated growth, while also minimizing risk from seasonality and macroeconomic fluctuations; (4) as a result of the foregoing, the company’s public statements were false and materially misleading at all relevant times.
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.