INVESTOR DEADLINE: Palantir Technologies Inc. Investors Suffering Substantial Losses Have Opportunity to File Class Action

SAN DIEGO, September 16, 2022 /PRNewswire/ — The law firm of Robbins Geller Rudmann & Dowd LLP announces that the Palantize class action lawsuit – subtitled Cupat c. Palantir Technologies Inc.No. 22-cv-02384 (D. Colo.) – accuses Palantir Technologies Inc. (NYSE: PLTR) and some of its senior executives with violations of the Securities Exchange Act of 1934.

If you have suffered substantial losses and wish to act as the lead plaintiff of the Palantize class action, please provide your information here:

https://www.rgrdlaw.com/cases-palantir-technologies-inc-class-action-lawsuit-pltr.html

You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Palantize class action must be filed with the court no later than November 14, 2022.

CASE ALLEGATIONS: Palantir builds and deploys software platforms to assist the US intelligence community in counterterrorism investigations and operations. Palantir has consistently described sources of geopolitical instability and other disruptions – for example, armed conflicts, economic crises and the COVID-19 pandemic – like tailwinds for its activities. Palantir also invests in “marketable securities” consisting of equity securities in publicly traded companies.

The Palantize The class action alleges that the defendants failed to disclose that: (i) Palantir’s investments in marketable securities had a material adverse impact on Palantir’s earnings per share (“EPS” results); (ii) Palantir overestimated the sustainability of its government segment’s growth and revenue; (iii) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; and (iv) as a result, Palantir was likely to miss consensus estimates for its first quarter 2022 (“Q1”) EPS and second quarter 2022 (“Q2”) sales outlook.

On May 9, 2022, Palantir issued a press release announcing its first quarter financial results and guidance for the second quarter. For the first quarter, Palantir reported adjusted EPS of $0.02compared to analysts’ estimates of $0.04 per share, noting on a conference call that the “[f]adjusted first quarter [EPS of] $0.02 . . . includes a negative $0.02 impact primarily due to unrealized losses on marketable securities.” Palantir also disclosed that government revenue grew only 16% year-over-year for the first quarter, representing a significant slowdown in revenue growth over previous quarters, and that for the second quarter, Palantir expected to $470 million sales, compared to estimates of $483.76 million. The significant decline in Palantir’s revenue growth, particularly from its government clients, surprised investors, especially given the ongoing geopolitical instability and other disruptions caused by, among other things, the COVID-19 pandemic. ongoing and the Russo-Ukrainian war – that is, precisely the type of destabilizing conditions that Palantir had previously presented as tailwinds for its business. At this news, Palantir’s share price fell more than 21%, hurting investors.

THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased or acquired Palantir securities during the class action period to seek appointment as a lead plaintiff. A principal plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Palantize class action. The main plaintiff can select a law firm of his choice to plead Palantize class action. An investor’s ability to participate in any potential future takeover does not depend on its status as the lead claimant of the Palantize class action.

ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world, and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action collection never realized – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:

https://www.rgrdlaw.com/services-litige-securities-fraud.html

Lawyer advertisement.
Past results do not guarantee future results.
Services can be performed by attorneys in any of our offices.

Contact:

Robbins Geller Rudmann & Dowd LLP
655 W. Broadway, Suite 1900, San DiegoCA 92101
JC Sanchez, 800-449-4900
[email protected]

SOURCE Robbins Geller Rudman & Dowd LLP

Robert D. Coleman