Law Offices of Howard G. Smith announces an investigation on behalf of Snowflake Inc.(“Snowflake” or the “Company”) (NYSE: SNOW) investors concerning the Company’s possible violations of federal securities laws.
On March 2, 2022, after the market closed, Snowflake released its fourth quarter and full year 2022 financial results, revealing that the Company’s customers were consuming at a reduced rate due to “platform enhancements . . . which lowered credit consumption.” Additionally, Snowflake lowered expected sales growth to between 65% and 67% for fiscal 2023, representing a significant decline given that Snowflake’s revenue growth had more than doubled year-over-year in the previous six quarters.
On this news, Snowflake’s stock price fell $40.67, or 15.4%, to close at $224.02 per share on March 3, 2022, thereby injuring investors. Snowflake’s stock price continued to fall another 14.5% over the next few consecutive trading days, to close at $191.61 on March 8, 2022, thereby injuring investors further.
If you purchased Snowflake securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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