NEW YORK, Dec. 04, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Splunk Inc. (“Splunk” or the “Company”) (NASDAQ: SPLK). The investigation focuses on the Company’s possible violations of federal securities laws.
On December 2, 2020, after the market closed, Splunk announced its third quarter 2021 financial results in a press release. The Company reported total revenue of $559 million, well below prior guidance expecting between $600 and $630 million. Splunk attributed the shortfall to “uncertainty and volatility for macro factors” that “cause[d] customers to delay spending commitments, particularly for high-value contracts.” However, analysts at BTIG wrote that this explanation “is fairly confusing given that most peers in the software space (and particularly in security software) saw relatively strong trends.” Also, analysts at JPMorgan were “blindsided by the magnitude of too many large deals slipping in the final days of October.”
On this news, Splunk’s stock price fell by $47.88 per share, or approximately 23%, to close at $158.03 per share on December 3, 2020.
If you purchased or otherwise acquired Splunk securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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