Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 12, 2024 to file lead plaintiff applications in a securities class action lawsuit against Sprout Social, Inc. (NasdaqCM: SPT), if they purchased the Company’s securities between November 3, 2021 and May 2, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.
What You May Do
If you purchased securities of Sprout Social and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqcm-spt/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by July 12, 2024.
About the Lawsuit
Sprout Social and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 2, 2024, post-market, the Company announced its operating results for the 1Q 2024, disclosing that it had missed its revenue guidance for the quarter and also revised its full year 2024 revenue guidance downward $20 million due in part to “underestimated the magnitude of enterprise seasonality” and that the Company had also been “self-inducing sales execution headwinds.”
On this news, the price of Sprout Social’s shares fell by $19.33, or 40.1%, to close at $28.82 per share on May 3, 2024, on unusually heavy trading volume.
The case is Munch v. Sprout Social, Inc., et al., No. 1:24-cv-03867. A subsequent case, City of Hollywood Police Officers’ Retirement System v. Sprout Social, Inc. et al., No. 24-cv-5582, expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240709748758/en/
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
