NEW YORK, NY / ACCESSWIRE / September 19, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Palantir Technologies Inc. ('Palantir' or the 'Company') (NYSE:PLTR) and reminds investors of the November 14, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Palantir stock or options between November 9, 2021 and May 6, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/PLTR.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Palantir's investments in marketable securities were having a significant negative impact on the Company's earnings per share ('EPS') results; (2) Palantir overstated the sustainability of its government segment's growth and revenues; (3) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; (4) as a result of all the foregoing, the Company was likely to miss consensus estimates for its first quarter 2022 ('Q1') EPS and second quarter 2022 ('Q2') sales outlook; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.
On May 9, 2022, Palantir issued a press release announcing its Q1 financial results and guidance for Q2. For Q1, Palantir announced adjusted EPS of $0.02, compared to analyst estimates of $0.04 per share, noting on a conference call that the '[f]irst quarter adjusted [EPS of] $0.02 . . . includes a negative $0.02 impact driven primarily by unrealized losses on marketable securities.' The Company 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.
On this news, Palantir's stock price fell $2.02 per share, or 21.31%, to close at $7.46 per share on May 9, 2022.
As multiple news outlets reported that day, Palantir's significant decline in revenue growth, particularly from its government customers, surprised investors, especially given the ongoing geopolitical instability and other disruptions caused by, inter alia, the ongoing COVID-19 pandemic and Russo-Ukrainian War-that is, precisely the type of destabilizing conditions that the Company had previously touted as tailwinds for its business.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Palantir conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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