Teradata(US:TDC) GlobeNewswire News Roomยท2024-08-02 02:15Core Viewpoint - A class action has been filed against Teradata Corporation for allegedly misleading investors about its business prospects, particularly regarding its ability to close customer transactions and meet annual recurring revenue (ARR) expectations [2]. Group 1: Allegations Against Teradata - The complaint states that Teradata did not disclose that its expanded business model led to longer transaction finalization times with customers [2]. - It is alleged that Teradata overstated its ability to close transactions within intended timeframes under this new business model [2]. - The company reportedly failed to close several customer transactions that were included in its outlook for 2023 ARR growth, leading to doubts about meeting full-year expectations for Total and Public Cloud ARR [2]. - Following the revelation of these issues, Teradata's stock price dropped by $10.57 per share, or 21.66%, closing at $38.22 on February 13, 2024 [2]. Group 2: Class Action Participation - Shareholders may be eligible to participate in the class action against Teradata and must file motions to serve as lead plaintiff by August 13, 2024 [3]. - A lead plaintiff represents other class members in directing the litigation, but participation is not required to be eligible for recovery [3]. Group 3: Robbins LLP Overview - Robbins LLP is a law firm that specializes in securities class actions and has a history of recovering over $1 billion for shareholders since its inception in 2002 [4].