Splunk, Inc.

Case Details

Class Period: October 21, 2020 - December 2, 2020
Date Filed: December 04, 2020
Case Number: 4:20cv08600
Jurisdiction: California Northern District Court
Days Left to
Seek Plaintiff:

Case Summary

After the markets closed on December 2, 2020, Splunk stunned the market when it announced its financial results for the third quarter of 2021. These results fell short of annual recurring and total revenue estimates, and Splunk reported a loss of 7 cents per share versus an expected gain of 8 cents per share. Splunks forecast for the fourth quarter of 2020 was also lower than expected. Numerous analysts have already downgraded the stock and cut their price targets. This includes JPMorgan, who was blindsided by the magnitude of too many large deals slipping in the final days of October on the heels of an upbeat analyst day 10 days prior to the quarter close, on October 21, 2020, at which the company reaffirmed guidance and stated that it was excited about near-term and long-term growth prospects. Shares fell over 23% in one trading day from their December 2, 2020 closing price, representing billions of dollars in lost market capitalization.