A securities class action alleges Snowflake made misleading statements to investors about consumption trends and revenue headwinds during a putative class period from June 27, 2023 to February 28, 2024. The complaint cites Snowflake’s June 27, 2023 Investor Day and subsequent earnings calls as allegedly omitting risks tied to efficiency gains, tiered storage pricing, and Iceberg Tables adoption. On February 28, 2024, Snowflake disclosed increased revenue headwinds and withdrew its USD 10 billion 2029 product revenue target. Following that disclosure, Snowflake shares fell USD 41.72, a decline of 18%. The deadline to seek lead plaintiff status is April 27, 2026.

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