Stock Track | Snowflake Plummets 5.19% at Market Open Following Shareholder Class Action Lawsuit Over Revenue Misstatements

Stock Track04-23 21:40

Snowflake's stock price plummeted 5.19% intraday on Thursday, as trading commenced under significant pressure.

The sharp decline follows news that the company has been hit with a shareholder class action lawsuit. The lawsuit, filed on behalf of investors who purchased securities between June 2023 and February 2024, alleges Snowflake misled the market about consumption trends tied to product efficiency gains, adoption of open-source Iceberg tables, and tiered storage pricing.

The complaint cites a significant drag on revenue growth from efficiency improvements and claims the company concealed revenue headwinds for months, information which previously triggered an 18.1% single-session drop upon disclosure.

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