Teradata(US:TDC) Prnewswireยท2024-06-26 09:45Core Viewpoint - A class action securities lawsuit has been filed against Teradata Corporation, alleging that the company made false statements regarding its business model and its ability to meet revenue expectations for 2023 [1][2]. Group 1: Allegations of the Lawsuit - The complaint claims that Teradata's expanded business model led to longer transaction finalization times with customers [2]. - It is alleged that Teradata overstated its ability to close customer transactions within intended timeframes under this new model [2]. - The company reportedly failed to close several customer transactions that were included in its outlook for 2023 Annual Recurring Revenue (ARR) growth [2]. - As a result of these issues, Teradata is unlikely to meet its full-year 2023 total and public cloud ARR expectations [2]. - The lawsuit asserts that the company's public statements were materially false and misleading during the relevant period [2]. Group 2: Class Definition and Participation - The lawsuit seeks to recover losses for Teradata investors adversely affected by the alleged securities fraud between February 13, 2023, and February 12, 2024 [4]. - Investors who suffered losses during this timeframe have until August 13, 2024, to request the Court to appoint them as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [5]. Group 3: Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [6]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [6].