Snowflake, Inc. (NYSE: SNOW)

This lawsuit is for anyone who acquired securities in Snowflake, Inc. (NYSE: SNOW) from September 16, 2020 through March 2, 2022.

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 failing to tell investors that the Company provided significant discounts to its customers prior to its initial public offering that temporarily boosted sales but would not be sustainable after the IPO.

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, 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 Snowflake, Inc. (NYSE: SNOW) from September 16, 2020 through March 2, 2022 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.