PHILADELPHIA, April 16, 2022 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Splunk Inc. (“Splunk” or the “Company”) on behalf of the Company’s long-term stockholders.
Splunk stockholders who purchased or acquired shares of the Company’s common stock prior to March 26, 2020 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/splunk-inc/, for additional information about this investigation and their legal rights and options.
Recently a shareholder class action complaint was filed against the Company on behalf of investors who purchased shares of Splunk’s common stock between March 26, 2020 and December 2, 2020. According to the complaint, during that time period Splunk and certain of its senior executive officers made a series of false and misleading statements to investors regarding the Company’s business, operations, and prospects.
The complaint further details how, on December 3, 2020, Splunk’s CFO stunned investors when he admitted that the Company had, in stark contrast to prior statements, “suspended investments in marketing” and “froze hiring.” These cutbacks, which caused Splunk to have “a tighter pipeline” going into the reporting quarter, caused Splunk to suffer “a hard miss in its third-quarter financial results.” Further, as a consequence of such “undisclosed corporate actions, Defendants also withdrew their coveted guidance to investors that they would eclipse $1 billion in positive operating cash flow by 2023.” Following this disclosure, shares of the Company’s common stock declined $47.88 per share, or over 23% in value, to close on December 3, 2020 at $158.03 per share.
The investigation seeks to determine whether the members of Splunk’s board of directors have violated the securities laws or breached their fiduciary duties to the Company and its long-term stockholders in connection with the above alleged misconduct.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about the firm please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
