RADNOR, Pa., June 29, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a class action lawsuit has been filed against Teradata Corporation (“Teradata”) (NYSE: TDC) in the U.S. District Court for the Southern District of California. The lawsuit alleges that Teradata violated the federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of Teradata’s materially misleading statements and omissions to the public, Teradata’s investors have suffered significant losses. The lead plaintiff deadline is August 13, 2024.
If you have suffered Teradata losses, You can CLICK HERE or go to: https://www.ktmc.com/new-cases/teradata-corporation?utm_source=PR&utm_medium=link&utm_campaign=tdc&mktm=r
You can also contact a lawyer Jonathan Naji, Esq. from Kessler Topaz by phone at (484) 270-1453 or by email at [email protected].
ALLEGED MISCONDUCT OF THE DEFENDANT
On February 13, 2023, Teradata issued a press release announcing its fourth quarter and full-year 2022 financial results, as well as full-year 2023 outlook. In its 2023 outlook, Teradata stated that its “public cloud (annual recurring revenue) is expected to grow 53% to 57% year-over-year” and that “total revenue (annual recurring revenue) is expected to grow 6% to 8% year-over-year.” Annual recurring revenue (ARR) is the annual value of all recurring contracts at a given point in time, including subscription, cloud, software upgrade rights, and maintenance—and is determined in significant part by the number of customer transactions the company is able to complete during that period.
On December 7, 2023, Teradata’s CFO revealed at a Barclays Global Technology Conference that Teradata had “closed an eight-figure deal that could potentially (…) be pushed out of Q4 2023,” which could result in “(the company) landing at the low end of or just below the range for cloud ARR that (it) had previously indicated.” On this news, Teradata’s stock price fell $2.89 per share, or 6.24%, from a closing price of $46.29 per share on December 6, 2023, to $43.40 per share on December 7, 2023.
Finally, on February 12, 2024, Teradata announced its fourth quarter and full-year 2023 financial results. Among other things, Teradata stated that public cloud ARR for the full year 2023 grew only 48%, well below the company’s previously published guidance for that performance metric. Additionally, Teradata announced that total ARR for the full year 2023 grew only 6%, at the low end of the guidance. Teradata’s CEO attributed these disappointing results to “issues with transaction timing” – an issue that the company reportedly knew about when it issued its guidance in February 2023, and that it had under control as of June 2023. In fact, after acknowledging the existence of these issues, the company had continuously reiterated its February 12, 2023 guidance. On this news, Teradata’s stock price fell $10.57 per share, or 21.66%, from a closing price of $48.79 per share on February 12, 2024, to $38.22 per share on February 13, 2024.
WHAT CAN I DO?
Teradata investors can by 13 August 2024 at the latest, seek to be appointed as lead plaintiff representative for the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or they may elect to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that Teradata investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit against Teradata, Ostrander v. Teradata Corporation et al.Case No. 24-cv-01034, is filed in the U.S. District Court for the Southern District of California.
CLICK HERE TO REGISTER FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/teradata-corporation?utm_source=PR&utm_medium=link&utm_campaign=tdc&mktm=r
WHO CAN BE THE MAIN CAMP?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also appropriate and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
May be considered Attorney Advertising in certain jurisdictions. Past results are not a guarantee of future results.
