NEW YORK, Sept. 22, 2022 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Colorado, on behalf of investors who purchased or otherwise acquired Palantir Technologies Inc. (“Palantir” or the “Company”) PLTR securities between November 9, 2021 and May 6, 2022, inclusive (the “Class Period”).
All investors who purchased the shares of Palantir Technologies Inc. and incurred losses are advised to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Palantir Technologies Inc., you may, no later than November 14, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Palantir Technologies Inc.
The filed complaint alleges that throughout 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 failed to disclose to investors that:
- Palantir’s investments in marketable securities were having a significant negative impact on the Company’s EPS results;
- Palantir overstated the sustainability of its government segment’s growth and revenues;
- Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions;
- as a result of all the foregoing, the Company was likely to miss consensus estimates for its Q1 EPS and Q2 sales outlook; and
- as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
On May 9, 2022, Palantir released its first quarter 2022 financial results, announcing an adjusted earnings per share (“EPS”) of $0.02, compared to analyst estimates of $0.04 per share, which “include[d] a negative $0.02 impact driven primarily by unrealized losses on marketable securities.” The Company also disclosed that government revenue had grown by only 16% year-over-year.
On the news, Palantir’s stock fell $2.02, or 21.3%, to close at $7.46 per share on May 9, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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