NEW YORK, Nov. 3, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Samsara Inc. ("Samsara" or the "Company") (NYSE: IOT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Samsara and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 21, 2023, Spruce Point Capital Management ("Spruce Point") issued a short report on Samsara. The Spruce Point report stated, among other allegations, that "[a]fter conducting a forensic investigation into its financial reporting and accounting practices and multiple Freedom of Information Act (FOIA) requests to evaluate client contracts, we estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively." The report further stated that "[t]hese accounting distortions come as no surprise to us after seeing that its Chief Accounting Officer held a financial and accounting leadership role at VMware during a period the SEC charged it with 'misleading investors by obscuring financial performance.'"
On this news, Samsara's stock price fell $1.67 per share, or 6.62%, to close at $23.55 per share on September 21, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
