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Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed on Behalf of C3.ai, Inc. (AI) Investors and Encourages Investors to Contact the Firm Before May 3, 2022

By: via Business Wire

The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired C3.ai, Inc. (“C3.ai” or the “Company”) (NYSE: AI): (a) common stock pursuant and/or traceable to the Company’s initial public offering (the “IPO” or “Offering”) conducted on or about December 9, 2020; and/or (b) securities between December 9, 2020 and February 15, 2022, inclusive (the “Class Period”). Investors have until May 3, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

C3.ai operates as an enterprise artificial intelligence (“AI”) software company.

Pursuant to the IPO, C3.ai issued 15.5 million shares of stock to the public at the price of $42.00 per share for approximate proceeds to the Company of $610 million.

On February 16, 2022, Spruce Point Capital Management issued a report in which it alleged that it had uncovered, inter alia, “[e]vidence of a severely challenged partnership with Baker Hughes, a related-party and C3.ai’s largest customer”; “[s]igns of problematic financial reporting and accounting regarding the Baker Hughes joint venture and a revolving door in C3.ai’s Chief Financial Officer position”; that “[c]hallenges in product adoption and significant salesforce turnover make it unlikely that C3.ai will meet aggressive analyst estimates”; “[e]vidence of exaggerated or irreconcilable claims made by C3.ai[,]” including “numerous discrepancies” regarding “the value of and cumulative investment made by C3.ai in its technology, description of its customers, its total addressable market (‘TAM’), the pace of its market growth and the scale of alliances with companies such as Microsoft, Hewlett Packard Enterprises, Google Cloud, Intel and Amazon Web Services”; and “[w]orrisome corporate governance practices and insider enrichment.” As a result, Spruce Point “conservatively estimate[d] 40% - 50% downside risk to C3.ai’s share price.” On this news, the price of C3.ai stock declined by $1.01 per share, from $25.71 per share to close at $24.70 per share on February 16, 2022

The lawsuit alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading. The lawsuit further alleges that failed to disclose that: (i) C3.ai’s partnership with Baker Hughes was deteriorating; (ii) C3.ai was employing a flawed accounting methodology to conceal the deterioration of its Baker Hughes partnership; (iii) C3.ai faced challenges in product adoption and significant salesforce turnover; (iv) the Company overstated, inter alia, the extent of its investment in technology, description of its customers, its total addressable market, the pace of its market growth, and the scale of alliances with its major business partners.

If you purchased or otherwise acquired C3.ai securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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