NEW YORK, Jan. 31, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Splunk, Inc. ("Splunk" or the "Company") (NASDAQ: SPLK). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Splunk and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 2, 2020, post-market, Splunk announced its financial results for the quarter ended October 31, 2020. Among other results, Splunk reported total revenues of $559 million, representing an 11% year-over-year decline and missing estimates by nearly $60 million. Splunk also announced quarterly non-GAAP earnings per share ("EPS") of -$0.07, missing estimates by $0.15 per share, as well as GAAP EPS of -$1.26, missing estimates by $0.24 per share. On an earnings call with analysts that same day, Splunk's Chief Executive Officer admitted that despite the Company having reiterated its guidance for the quarter just ten days before the close of the quarter, Splunk's financial results fell "certainly short of both our expectations and our communication of those expectations."
On this news, Splunk's stock price fell $47.88 per share, or 23.25%, to close at $158.03 per share on December 3, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
