NEW YORK, NY - March 3, 2026 (NEWMEDIAWIRE) - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Northern District of California against Snowflake Inc. (“Snowflake” or the “Company”) (NYSE: SNOW) on behalf of all persons and entities who purchased the Snowflake Class A common stock during the period June 27, 2023 through the close of the market on February 28, 2024, inclusive (the “Class Period”).
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than April 27, 2026 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
If you suffered substantial losses and wish to serve as lead plaintiff, please e-mail attorneys Jason A. Uris (juris@kaplanfox.com) or Laurence D. King (lking@kaplanfox.com), or contact them by phone, regular mail, or fax, or click here.
The Complaint alleges that during the Class Period, Defendants repeatedly made positive statements about the state of its business, including positive statements about customer usage of, and new developments for, its products. At the same time, Defendants failed to disclose that: (1) product efficiency gains, Iceberg Tables and tiered storage pricing were expected to have a material negative impact on consumption and revenues, and (2) as a result, Defendants’ positive statements about consumption patterns, revenues, and demand for Snowflake products lacked a reasonable basis.
On February 28, 2024, Snowflake shocked investors when, after the market closed, the Company issued a press release that announced its financial results for the fourth quarter and full fiscal year 2024, as well as guidance for the full fiscal year 2025. During the subsequent earnings call, Defendant Scarpelli stated that they were forecasting increased revenue headwinds associated with product efficiency gains, tiered storage pricing and the expectation that some of their customers will leverage Iceberg Tables for their storage. On that same day, Snowflake also announced that Defendant Frank Slootman had retired as Chief Executive Officer of Snowflake Inc.
On this news, the price of Snowflake’s Class A common stock declined $41.72, or 18.14%, from a closing price of $230.00 per share on February 28, 2024, to close at $188.28 per share on February 29, 2024.
Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com). Our firm, with offices in New York, Oakland, California, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.
If you have any questions about the action, your rights, or your interests, or would like a copy of the Complaint, please e-mail attorneys Jason A. Uris (juris@kaplanfox.com) or Laurence D. King (lking@kaplanfox.com), or contact them by phone, regular mail, or fax:
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Jason A. Uris KAPLAN FOX & KILSHEIMER LLP 800 Third Avenue, 38th Floor New York, NY 10022 Telephone: (646) 315-9007 Fax: (212) 687-7714 E-mail address: juris@kaplanfox.com |
Laurence D. King KAPLAN FOX & KILSHEIMER LLP 1999 Harrison Street, Suite 1560 Oakland, California 94612 Telephone: (415) 772-4704 Fax: (415) 772-4707 E-mail address: lking@kaplanfox.com |
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
https://www.kaplanfox.com/case/snowflake-inc/
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