SAN DIEGO, Sept. 29, 2022 (GLOBE NEWSWIRE) —
The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons and entities holding Palantir Technologies Inc. PLTR Securities between November 9, 2021 and May 6, 2022 for violating the Securities Exchange Act of 1934. Palantir develops and implements software platforms to assist the US Secret Service in counter-terrorism investigations and operations.
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What is it about in this case: Palantir Technologies Inc. (PLTR) is misleading investors regarding its financial prospects
According to the Complaint, the Defendants failed to disclose during the Class Period that Palantir’s investments in marketable securities had a material adverse impact on the Company’s earnings per share (“EPS”); (ii) Palantir has overstated the sustainability of its government segment’s growth and revenues; and (iii) Palantir experienced a significant slowdown in revenue growth, particularly from its government customers. As a result, Palantir likely missed consensus estimates for its first quarter 2022 (“Q1”) and second quarter 2022 (“Q2”) revenue guidance.
On May 9, 2022, Palantir issued a press release announcing first quarter financial results and second quarter guidance. For the first quarter, Palantir reported adjusted earnings per share of $0.02, compared to analyst estimates of $0.04 per share, noting in a conference call that “[f]first quarter adjusted [EPS of] $0.02. . . includes a negative impact of $0.02 primarily due to unrealized losses on marketable securities.” The company also announced that government revenue grew just 16% year-on-year in the first quarter, reflecting a significant slowdown in revenue growth compared to previous quarters and that, for the second quarter, the Company was expecting revenue of $470 million compared to estimates of $483.76 million….
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