A securities class action was filed on behalf of investors who bought Snowflake Class A shares between June 27, 2023, and February 28, 2024. The complaint alleges Snowflake made positive statements about product usage and demand while not disclosing expected revenue headwinds tied to product efficiency gains, tiered storage pricing, and customers’ use of Iceberg Tables. Snowflake disclosed these headwinds during a February 28, 2024 earnings release and related SEC filing, followed by comments on an investor call. After that disclosure, Snowflake shares fell USD 41.72, or 18.14%, to USD 188.28 on February 29, 2024. A deadline of April 27, 2026 was set for motions to seek appointment as lead plaintiff.

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