Sprout Social, Inc. Deadline Approaching: Kessler Topaz Meltzer & Check, LLP Reminds Sprout Social, Inc. Investors of Deadline in Securities Fraud Class Action Lawsuit
Sprout Social, Inc. Deadline Approaching: Kessler Topaz Meltzer & Check, LLP Reminds Sprout Social, Inc. Investors of Deadline in Securities Fraud Class Action Lawsuit |
[07-July-2024] |
RADNOR, Pa., July 7, 2024 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that securities class action lawsuits have been filed in the United States District Court for the Northern District of Illinois against Sprout Social, Inc. ("Sprout Social") (NASDAQ: SPT). The actions charge Sprout Social with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Sprout Social's materially misleading statements and omissions to the public, Sprout Social's investors have suffered significant losses. The lead plaintiff deadline is July 12, 2024. If you purchased or acquired Sprout Social securities between November 2, 2023 and May 2, 2024, and suffered losses, you may CLICK HERE or go to:https://www.ktmc.com/new-cases/sprout-social-inc?utm_source=PR&utm_medium=link&utm_campaign=spt&mktm=r You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com. DEFENDANTS' ALLEGED MISCONDUCT Then, following the close of the markets on August 3, 2023, Sprout Social lowered its full-year revenue guidance and issue a press release announcing its acquisition of Tagger Media, Inc., a leading influencer marketing and social intelligence platform, for cash consideration of $140 million "funded with a combination of cash from Sprout Social's balance sheet and Sprout's newly established revolving credit facility." Sprout Social noted that the acquisition "expands Sprout Social into the influencer marketing category and extends social media platform to deliver comprehensive workflow, reporting and intelligence." Following this news, the price of Sprout Social stock fell 12.3%, from a closing price of $53.38 per share on August 3, 2023, to a closing price of $46.81 per share on August 4, 2023. On May 2, 2024, Sprout Social announced the company's operating results for the first fiscal quarter of 2024, disclosing that Sprout Social had missed its revenue guidance for the quarter and revised its full year 2024 revenue guidance downward by $20 million. In addressing the results, Sprout Social's CFO said that the company had "underestimated the magnitude of enterprise seasonality" and had also been "self-inducing sales execution headwinds." During the accompanying earnings call held that same day, Sprout Social's incoming CEO additionally disclosed that Sprout Social "made several important strategic decisions heading into Q1" which it "thought [it] could manage [] without disruption, but they collectively set us back." On this news, Sprout Social's stock price fell $19.33 per share, or 40.15%, to close at $28.82 per share on May 3, 2024. WHAT CAN I DO? CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/sprout-social-inc?utm_source=PR&utm_medium=link&utm_campaign=spt&mktm=r WHO CAN BE A LEAD PLAINTIFF? ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP CONTACT: May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes. SOURCE Kessler Topaz Meltzer & Check, LLP | ||
Company Codes: NASDAQ-NMS:SPT |