An Investor who suffered losses in Palantir stock has filed Palantir Class Action Lawsuit. The Palantir class action lawsuit – captioned Cupat v. Palantir Technologies Inc., No. 22-cv-02384 (D. Colo.) – charges Palantir Technologies Inc. (NYSE: PLTR) and certain of its top executives with violations of the Securities Exchange Act of 1934 and was brought on behalf of all persons and entities that purchased or otherwise acquired Palantir securities between November 9, 2021 and May 6, 2022
If you suffered losses in Palantir stock and wish to serve as lead plaintiff of the Palantir class action lawsuit, please provide your information here. You can also contact Palantir Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Palantir class action lawsuit must be filed with the court no later than November 14, 2022. If you suffered losses in Palantir stock and have questions, please contact Palantir Stock Loss Lawyer Timothy L. Miles today.
Allegations in the Palantir Class Action Lawsuit
Palantir builds and deploys software platforms to assist the U.S. intelligence community in counterterrorism investigations and operations. Palantir has consistently described sources of geopolitical instability and other disruptions – e.g., armed conflicts, economic crises, and the COVID-19 pandemic – as tailwinds for its business. Palantir also invests in so-called “marketable securities” consisting of equity securities in publicly traded companies.
The Palantir class action lawsuit alleges that defendants failed to disclose that: (i) Palantir’s investments in marketable securities were having a significant negative impact on Palantir’s earnings per share (“EPS”) results; (ii) Palantir overstated the sustainability of its government segment’s growth and revenues; (iii) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; and (iv) as a result, Palantir was likely to miss consensus estimates for its first quarter 2022 (“Q1”) EPS and second quarter 2022 (“Q2”) sales outlook.
On May 9, 2022, Palantir issued a press release announcing its Q1 financial results and guidance for Q2. For Q1, Palantir announced adjusted EPS of $0.02, compared to analyst estimates of $0.04 per share, noting on a conference call that the “[f]irst quarter adjusted [EPS of] $0.02 . . . includes a negative $0.02 impact driven primarily by unrealized losses on marketable securities.” Palantir also disclosed that government revenue grew by only 16% year-over-year for Q1, representing a significant slowdown in revenue growth compared to prior quarters, and that, for Q2, Palantir expected $470 million in sales, compared to estimates of $483.76 million. Palantir’s significant decline in revenue growth, particularly from its government customers, surprised investors, especially given the ongoing geopolitical instability and other disruptions caused by, among other things, the ongoing COVID-19 pandemic and Russo-Ukrainian War – that is, precisely the type of destabilizing conditions that Palantir had previously touted as tailwinds for its business.
On this news, Palantir’s stock price fell by more than 21%, damaging investors who suffered losses in Palantir stock.
The Lead Plaintiff Process in the Palantir Class Action Lawsuit
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Palantir stock to seek appointment as lead plaintiff in the Palantir class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Palantir stock, and have further questions, contact Palantir Stock Loss Lawyer Timothy L. Miles today who will fight to recover your damages.
How Can a Palantir Stock Loss Lawyer Help Me?
A Palantir Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A Palantir Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a Palantir Stock Loss Lawyer who will work to recover the losses you sustained through a Palantir Class Action lawsuit.
Contact a Palantir Stock Loss Lawyer if You Suffered Losses in Palantir Stock
If you suffered losses in Palantir stock, contact Palantir stock loss lawyer Timothy L. Miles today about a Palantir class action lawsuit, and see what a Palantir Stock Loss Lawyer can do for you. We take all cases on a contingency basis which means we do not get paid unless we win your case.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
Hours of Operation