Teradata(US:TDC) GlobeNewswire News Room·2024-08-13 16:34Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Teradata Corporation regarding a class action lawsuit due to alleged misleading statements and failure to disclose critical information during a specified class period [1][2]. Group 1: Allegations Against Teradata - The complaint alleges that Teradata's expanded business model led to longer transaction finalization times with customers, which was not disclosed [2]. - It is claimed that Teradata overstated its ability to close customer transactions within intended timeframes, impacting its outlook for 2023 Annual Recurring Revenue (ARR) growth [2]. - 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 expectations [2]. Group 2: Class Action Details - The class period for the lawsuit is defined as February 13, 2023, to February 12, 2024, with a deadline for shareholders to register as lead plaintiffs set for August 13, 2024 [2][3]. - Shareholders who register will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [3]. - Participation in the case does not incur any cost or obligation for the shareholders [3]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit, fraud, and illegal business practices [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [4].