The Parties agreed to engage in private mediation and retained Jed D. The Parties began exploring the possibility of a settlement in the fall of 2022. On July 22, 2022, Lead Plaintiff filed its motion for class certification and appointment of class representative and class counsel, which was accompanied by a report from Lead Plaintiff’s expert on market efficiency and common damages methodologies. The Parties met and conferred and exchanged numerous letters concerning disputed discovery issues over several months, certain of which required the Court’s intervention to resolve. In the course of discovery, Defendants produced more than 39,000 pages of documents to Lead Plaintiff and substantially completed their production of the documents from the files of the Individual Defendants. Among other things, Defendants’ answer denied Lead Plaintiff’s allegations of wrongdoing and asserted various defenses to the claims pled against Defendants.ĭiscovery in the Action commenced in April 2022. On May 13, 2022, Defendants filed their answer to the Complaint. On March 21, 2022, Judge Tigar largely rejected Defendants’ motion to dismiss and upheld the Complaint. Defendants moved to dismiss the Complaint on July 27, 2021, and Lead Plaintiff opposed that motion. On June 7, 2021, Lead Plaintiff filed the Consolidated Class Action Complaint, which can be found under the Case Documents header on this page. Tigar appointed Louisiana Sheriffs’ Pension & Relief Fund as Lead Plaintiff and BLB&G as Lead Counsel for the Action. Lead Plaintiff alleges that, as a result of Splunk and its executives’ material misrepresentations and omissions, Splunk’s stock price declined 23% in a single trading day. Defendants also withdrew their guidance to investors that they would eclipse $1 billion in positive operating cash flow by 2023. Quarterly revenues dropped 11% year-over-year, and net losses ballooned. ” As a result, Splunk suffered a hard miss in its third-quarter financial results. Lead Plaintiff alleges that the end of the Class Period, on December 3, 2020, Defendants stunned investors when they admitted that Splunk, indeed, “suspended investments in marketing” and “froze hiring.” These cutbacks, Defendants acknowledged, caused Splunk to have “a tighter pipeline going into. However, Lead Plaintiff alleges that, unknown to investors at the time, Splunk was not continuing to invest in marketing during the Class Period and it was not continuing to hire new sales personnel. They buttressed these statements with additional representations during investor conference calls, assuring the market that-with the exception of a short, two-week hiatus in early March 2020-the Company was continuously hiring. Defendants also told investors in Splunk’s SEC filings and elsewhere that they were continuously hiring additional sales professionals. In each of their quarterly and annual filings with the SEC during the Class Period, Defendants told investors that they were continuously investing in marketing. Splunk told investors that it would accomplish these milestones through continuous investments in marketing and the continuous hiring of additional sales personnel. Splunk’s CEO, Defendant Merritt, assured investors that the Company would soon turn the corner, reaching positive operational cash flow by 2022 and achieving over a billion dollars in positive operational cash flow by 2023. Splunk has operated at a net loss every year since its inception and, by the beginning of the Class Period, had negative operating cash flows. (“Splunk” or the “Company) from through December 2, 2020, inclusive (the “Class Period”), and continued to hold any Splunk common stock after December 2, 2020. It could effectively predict and solve future problems with a strong data-driven platform that takes into account all of its assets.This is a securities fraud class action on behalf of persons and entities who purchased or otherwise acquired the common stock of Splunk Inc. Now that the data tools and platforms exist, the DoD can accelerate its time to fully operationalize a Joint All-Domain Command and Control (JADC2) capability. JADC2 provides a necessary evolution for the armed forces because it operationalizes all battlefield data while enabling more confident and rapid decision making by our nation’s warfighters. The visualization of complex data, not to mention the ease of communication, control and coordination requires that data is shared across a wide range of historically incompatible systems.
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