NEW YORK, May 7, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Sprout Social, Inc. (“Sprout Social” or the “Company”) (NASDAQ: SPT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Sprout Social and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 2, 2024, Sprout Social announced its financial results for the first quarter of 2024, stating that the Company “underestimated the magnitude of enterprise seasonality that now comes with our business mix, while also self-inducing sales execution headwinds during Q1 that we believe were important to position us for future success.” Among other items, Sprout Social reported revenue that missed consensus estimates and revised downward its full-year 2024 guidance.
On this news, Sprout Social’s stock price fell $19.33 per share, or 40.15%, to close at $28.82 per share on May 3, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE Pomerantz LLP
