Perion Network Ltd. (NASDAQ: PERI)

This lawsuit is for anyone who acquired securities in Perion Network Ltd. (NASDAQ: PERI) from February 9, 2021 through April 5, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by touting its agreement with Microsoft to provide search advertising for Microsoft’s “Bing” search engine as being a stable source of income growth when, in fact, the Company knew that the assurances it was giving investors were without merit because Microsoft could unilaterally change advertising pricing which would, in turn, affect Company profits.

On April 8, 2024, Perion announced its preliminary financial results for the first quarter of 2024, disclosing that it now expects revenue in the range of $590-$610 million, down from previously expressed expectations of $860-$880 million. The Company attributed the revision to a drop in search advertising pricing due to changes made by Microsoft’s Bing search engine. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Perion Network Ltd. (NASDAQ: PERI) from February 9, 2021 through April 5, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.