Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether the leadership of Snowflake Inc. (“Snowflake”) (NYSE: SNOW) breached their fiduciary duties to Snowflake and its shareholders.
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Scott+Scott is investigating whether members of Snowflake’s board of directors or senior management failed to manage Snowflake in an acceptable manner, in breach of their fiduciary duties to Snowflake, and whether Snowflake and its shareholders have suffered damages as a result.
On March 2, 2022, Snowflake revealed that its product revenue growth rate for fiscal 2023 was projected to be slashed to a range of 65% to 67%, far below the triple-digit growth and purportedly ongoing favorable business trends highlighted by Snowflake’s management. On a related earnings call, Snowflake CFO, Michael P. Scarpelli, stated that Snowflake customers were consuming at a reduced rate, which he blamed on “platform enhancements . . . which lowered credit consumption.” On this news, the price of Snowflake common stock fell nearly 28% over several trading sessions.
What You Can Do – CLICK HERE FOR YOUR OPTIONS AS A SHAREHOLDER
If you own shares of Snowflake, you may have legal claims against Snowflake’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or jpettigrew@scott-scott.com.
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Scott+Scott is an international law firm known for its expertise in representing corporate clients, institutional investors, businesses, and individuals harmed by anticompetitive conduct or other forms of wrongdoings, including securities law and shareholder violations.
With more than 100 attorneys in nine offices in the United States, as well as three offices in Europe, our advocacy has resulted in significant monetary settlements on behalf of our clients, along with other forms of relief.
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