It is alleged in the complaint that Splunk made misleading and/or materially false statements and/or failed to disclose that: (1) In the third fiscal quarter of 2021, Splunk was not closing deals with its largest customers; and (2) Splunk was not hitting the financial targets that had been previously announced.

After the market closed on December 2, 2020, Splunk announced its financial results for the third fiscal quarter of 2021, ended October 31, 2020. Splunk reported total revenues of $559 million, which was down 11% year-over-year and missing estimates by nearly $60 million. On December 2, 2020, Splunk also held an earnings call with analysts in which Splunk admitted that these results fell “certainly short of both our expectations and our communication of those expectations.” despite having reiterated its 2021 third quarter guidance just ten days before the close of the quarter.

This news stunned the market, which led analyst JPMorgan to write that it was “blindsided by the magnitude of too many large deals slipping in the final days of October.”

The stock price of Splunk plummeted on this news, closing at $158.03 per share on December 3, 2020, down over 23% from the December 2, 2020 closing price of $205.91 per share.

Splunk, Inc.

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