NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Sprout Social, Inc. (NASDAQ: SPT)?
- Did you purchase your shares between November 2, 2023 and May 2, 2024, inclusive?
- Did you lose money in your investment in Sprout Social, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Sprout Social, Inc. (“Sprout Social” or the “Company”) (NASDAQ: SPT) between November 2, 2023 and May 2, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of Illinois and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Sprout Social securities, and/or would like to discuss your legal rights and options please visit Sprout Social, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) the Company’s sales and revenue growth were not indicative of the Company’s growth as it transitioned to an enterprise sales cycle; (2) the Company faced integration challenges with its acquisition of Tagger Media, Inc.; (3) the Company was “self-inducing sales headwinds;” and (4) as a result, the Company would revise fiscal year 2024 revenue guidance.
On May 2, 2024, after the markets closed, Sprout Social announced the Company’s operating results for the first fiscal quarter of 2024, disclosing that the Company had missed its revenue guidance for the quarter. The Company also revised its full year 2024 revenue guidance downward $20 million.
On this news, Sprout Social’s stock price fell $19.33, or 40.1%, to close at $28.82 per share on May 3, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Sprout Social securities, and/or would like to discuss your legal rights and options please visit Sprout Social, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
