On or around 09/22/2022 (Date of last review)
Filing Date: September 15, 2022
According to the Complaint, Palantir Technologies Inc. builds and deploys software platforms to assist the U.S. intelligence community in counterterrorism investigations and operations. The Company has two operating segments, commercial and government, with the latter primarily serving agencies in the U.S. federal government and non-U.S. governments. Palantir also invests in so-called “marketable securities” consisting of equity securities in publicly-traded companies.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Palantir’s investments in marketable securities were having a significant negative impact on the Company’s earnings per share (“EPS”) results; (ii) Palantir overstated the sustainability of its government segment’s growth and revenues; (iii) Palantir was experiencing a significant slowdown in revenue growth, particularly among its government customers, despite ongoing global conflicts and market disruptions; (iv) as a result of all the foregoing, the Company was likely to miss consensus estimates for its first quarter 2022 (“Q1”) EPS and second quarter 2022 (“Q2”) sales outlook; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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