Investor Alert: Kaplan Fox Investigates Potential Securities Fraud At Splunk Inc.
NEW YORK, Dec. 3, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Splunk Inc. ("Splunk" or the "Company") (NASDAQ: SPLK).
On August 26, 2020, after the market closed, Splunk announced its fiscal second quarter 2021 financial results for the period ending July 31, 2020, including total revenues of $492 million, down 5% year-over-year. Despite this weakness, Splunk gave financial guidance that it expected total revenues for the third fiscal 2021 quarter (ending October 31, 2020) to be between $600 million and $630 million.
Then, on December 2, 2020, after the market closed, Splunk announced its financial results for the third fiscal 2021 quarter. Splunk reported total revenues of $559 million, down 11% year-over-year, which significantly missed its prior financial guidance. In connection with this news, numerous analysts downgraded the stock and cut their price targets, including JPMorgan which reportedly stated the firm was "blindsided by the magnitude of too many large deals slipping in the final days of October" and has a "lack of ability to explain-away the deal slippage."
On December 3, 2020, Splunk's shares fell significantly by more than 23%, or $47.88 per share, on heavy trading volume to close at $158.03 per share.
If you purchased or otherwise acquired Splunk securities and would like to discuss our investigation, please contact us by emailing firstname.lastname@example.org or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Donald R. Hall
Laurence D. King
SOURCE Kaplan Fox & Kilsheimer LLP
Company Codes: NASDAQ-NMS:SPLK
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