Grabar Law Office is investigating potential claims against the officers and directors of Splunk Inc. on behalf of current long-term stockholders.

On March 21, 2022, the United States District Court for the Northern District of California denied the Splunk defendants’ motion to dismiss a class action complaint alleging securities fraud related to false or misleading statements defendants made that allegedly led investors to believe, incorrectly, that the company was making investments in marketing and sales personnel to the extent necessary to meet its sales and revenue goals. Plaintiff in that matter alleged that, unbeknownst to investors, Defendants had suspended investments in marketing, frozen hiring as to sales personnel, and laid off sales employees to an extent that could, and ultimately did, impact the company’s ability to build adequate pipeline and meet its revenue and growth targets. Plaintiff further averred that Defendants’ failure to disclose to investors that they had taken these actions, as well as their extent and potential impact on the company’s ability to meet its revenue and growth targets, rendered certain of Defendants’ statements during the Class Period (March 26, 2020 and December 2, 2020) misleading.

If you have continuously held Splunk shares since at least prior to March 26, 2020, you may be able to seek corporate reforms, the return of funds back to company coffers, and potentially a court approved incentive award if appropriate.

If you would like to learn more about this matter at no cost to you, please us at [email protected] or call 267-507-6085.