Teradata(US:TDC) Prnewswireยท2024-07-12 09:45Core Viewpoint - The Gross Law Firm has announced a class action lawsuit against Teradata Corporation, alleging that the company made materially false and misleading statements regarding its business model and financial outlook, which led to artificial inflation of its stock price [4]. Group 1: Allegations - The complaint claims that Teradata's expanded business model resulted in longer transaction finalization times with customers, which was not disclosed [4]. - It is alleged that Teradata overstated its ability to close customer transactions within intended timeframes, impacting its 2023 Annual Recurring Revenue (ARR) growth outlook [4]. - The company reportedly failed to close several customer transactions that were factored into its ARR expectations for 2023, leading to a likelihood of not meeting its public cloud ARR goals [4]. - As a result of these issues, Teradata's public statements were deemed materially false and misleading throughout the relevant period [4]. Group 2: Class Action Details - The class period for the lawsuit is defined as February 13, 2023, to February 12, 2024 [6]. - Shareholders who purchased shares during this period are encouraged to register for the class action and may be eligible for recovery [2][3]. - The deadline for shareholders to seek lead plaintiff status is August 13, 2024, and there is no cost to participate in the case [5].