RADNOR, Pa., June 18, 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 Sprout Social, Inc. (“Sprout Social”) (NASDAQ: SPT) in the U.S. District Court for the Northern District of Illinois. The lawsuit alleges that Sprout Social has violated the federal securities laws, including omissions and fraudulent misrepresentations regarding the Company’s business, operations and prospects. As a result of Sprout Social’s materially misleading statements and omissions to the public, Sprout Social’s investors have suffered significant losses.
If you have suffered losses on Sprout Social, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/sprout-social-inc?utm_source=PR&utm_medium=link&utm_campaign=spt&mktm=r
You may also contact Attorney Jonathan Naji, Esq. of Kessler Topaz by phone at (484) 270-1453 or by email at [email protected]. The deadline to file the lawsuit is July 12, 2024.
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ALLEGED MISCONDUCT OF THE DEFENDANT
On May 2, 2024, Sprout Social announced the company’s operating results for the first fiscal quarter of 2024 and announced that Sprout Social missed its revenue guidance for the quarter and revised its full-year 2024 revenue guidance downward by $20 million. Regarding the results, Sprout Social’s CFO said the company “underestimated the extent of the company’s seasonality” and also experienced “self-inflicted headwinds in sales execution.” During the accompanying conference call that same day, Sprout Social’s new CEO also announced that Sprout Social “made several key strategic decisions leading up to the first quarter” that it “thought it could manage without disruption, but they set us back overall.”
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.
WHAT CAN I DO?
Investors at Sprout Social can by 12 July 2024 at the latest, seek to be appointed as lead plaintiff representative for the class through Kessler Topaz Meltzer & Check, LLP or another attorney, or they may choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that Sprout Social investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit against Sprout Social, Munch v. Sprout Social, Inc. et al., Case No. 24-cv-03867 is filed in the U.S. District Court for the Northern District of Illinois.
CLICK HERE TO REGISTER FOR THE CASE or go to: https://www.ktmc.com/new-cases/sprout-social-inc?utm_source=PR&utm_medium=link&utm_campaign=spt&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.
