According to the Complaint, Splunk Inc. “provides innovative software solutions that ingest data from different sources including systems, devices and interactions, and turn that data into meaningful business insights across the organization.” Splunk states that its “Data-to-Everything platform enables users to investigate, monitor, analyze and act on data regardless of format or source.”

The Complaint alleges that during the Class Period, Defendants misrepresented and/or failed to disclose to investors that: (1) Splunk was not closing deals with its largest customers in the third fiscal quarter of 2021; (2) Splunk was not hitting the financial targets it had previously announced; and (3) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

On March 16, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on June 7. Defendants filed a Motion to Dismiss the consolidated Complaint on July 27. On March 21, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On January 30, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 26. On March 4, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.